Silver Price Forecast – Silver Markets Have Recovered After Initial Plunge

Silver markets initially fell during the trading session on Thursday but found enough support underneath the turn things around for a bit of a hammer. We are sitting just below the 50 day EMA, which of course is an indicator that a lot of people pay close attention to. Now that we are heading into the last day of the year, it is a bit difficult to imagine a scenario where somebody is going to suddenly jump in and buying a ton of silver, but I suppose anything is possible. I think we are essentially settling into the 50 day EMA to close out the year, and that we are more than likely just going to go sideways over the next 24 hours.

SILVER Video 31.12.21

The attitude of the market seems to be more or less one it is ready to drift into the new year, and I anticipate that it might be kind of quiet for a few sessions as we await the jobs report which of course will have a major influence on risk appetite going forward. Keep in mind that a lot of people would putting risk back on next week, so be interesting to see a silver could attract a certain amount of money. Silver has lagged in general, but when it does move, it can move really quickly. With that, keep in your position size small and only add once it works out in your favor. Either way, the fact that the market has recovered over the last couple of days is a good sign so a day or two of patience may go a long way.

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