Silver Price Forecast – Silver Markets Quiet After CPI

Silver markets have gone back and forth during the course of trading on Wednesday as the world awaited CPI figures. That being said, the market certainly looks as if it is trying to figure out where to go next, after seeing such a massive selloff. One thing that you could say is working in the favor of silver is the fact that we at least are trying to stabilize after a massive selloff. Whether or not we see a major change in attitude suddenly is a completely different question, but it looks as if the $23.50 level is offering a little bit of a magnet for price.

SILVER Video 12.08.21

That being said, it is probably worth mentioning that the so-called “death cross” is likely to happen in the next few days unless we see a major turnaround. That is a longer-term selling signal by some traders that focus on big time frames. Ultimately, we need to take out the candlestick from Monday to the upside at the very least for me to start thinking about the upside. On the other hand, if we take out the bottom of the Monday candlestick is likely that the market could go dropping towards the $20 level underneath.

Regardless, I think the one thing you can probably count on is that silver is going to be choppy, and now that we have PPI numbers coming out on Thursday, it is possible that we may take a closer look at industrial and manufacturing inflation, which quite frankly probably has quite a bit of influence on what happens next as silver is a major industrial metal.

For a look at all of today’s economic events, check out our economic calendar.