Silver Price Forecast – Silver Markets Will Gap Higher to Kick Off Session

Christopher Lewis
Published: Dec 1, 2022, 15:09 UTC

The silver market has gapped higher to kick off the trading session on Thursday, as we have seen the Core PCE numbers in America come out lighter than anticipated.

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Silver Price Forecast Video for 02.12.22

Silver Markets Technical Analysis

Silver has gapped to kick off the trading session on Thursday. At this point, the market looks as if it is trying to figure out whether or not it can break above the crucial $22.50 level. If it can do that, then silver is likely to take off quite drastically. In that scenario, we could see silver go looking to reach the $25 level. That being said, it’s probably worth noting that the initial gap to the upside has slowed as we head into the middle of the day, suggesting that at the very least we may have to fill the gap.

Keep in mind that Friday is also the jobs number coming out of the United States, and that will obviously have a major influence on what we see happen next. After all, inflation expectations are all over the place, but it does look like we are slowing down a bit. In general, this is going to be bad for the US dollar, so it’ll be interesting to see how that plays out.

Ultimately, this is a market that I think continues to be very noisy and we will probably be better off paying attention to the weekly candlestick, because that will give us the idea of what the markets truly going to do over the longer term, as people will either be comfortable holding it through the weekend, or they will not. Because of this, and the fact that we have the jobs number coming out on Friday, I think it’s probably best to sit on the sidelines and wait to see how everything shakes out by the end of the session during the Friday trading day.

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

About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

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