Silver Price Forecast – Silver Stabilizes

Silver Price Forecast Video for 24.11.22

Silver Markets Technical Analysis

Silver has stabilized a bit during the trading session on Wednesday as we are hanging out just above the 200-Day EMA. The 200-Day EMA obviously carries a lot of weight in the technical analysis world, so a lot of people will be paying attention to this area. Underneath there, we have the $21 level, which had previously been a significant resistance barrier. It should now have a certain amount of “market memory” in that general vicinity, so it’ll be interesting to see if it holds.

If it does not hold as support, we could find this market dropping down to the $20 level, which is a large, round, psychologically significant figure. On the other hand, if we turn around a break above the highs of the last couple of days, the market could find itself looking to the $22 level. Keep in mind that there is a major negative correlation between the US dollar and silver, as well as a negative correlation between US yields and silver.

Another thing the need to keep in mind is that silver is an industrial metal, so demand will come into the picture as well. While there is a global shortage of silver, that has not mattered for years, at least not in the paper market. That being said, it looks as if the buyers probably have the upper hand at the moment, and if we can break out above the $22.50 level, we could see silver go looking to reach as high as $25. Over the next couple of days though, it could be somewhat stagnant, as it is Thanksgiving in the United States, that has an influence on not only volume, but also when electronic trading will be available.

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