Silver Weekly Price Forecast – Silver Has Strong Week

Silver Price Forecast Video for 18.12.23

Silver Markets Weekly Technical Analysis

Silver has been very bullish during the course of the trading week as we have had several central banks release interest rate decisions and statements, which has thrown the bond markets into a bit of overdrive. After all, the Federal Reserve now looks as if it is going to start cutting rates next year, so therefore the US dollar has fallen, and of course interest rates have done the same. With that being the case, the market is likely going to continue to see a lot of back-and-forth, but more of an upward momentum in silver as the yields continue to crumble.

The $26 level above is a major barrier, and breaking above that could send silver into overdrive. I don’t necessarily see that happening easily, or right away, but given enough time I do think that could very well happen. That will be especially true if we continue to see central banks around the world loosen monetary policy, which I think is what’s coming next year.

Underneath, the $22 level is the “lower the market” where the 200-Week EMA is hanging around, and an area where we have seen support previously. All things being equal, the market will continue to see a lot of upward pressure, but as we head into the holiday season, it’s very likely that we would see a lot less in the way of liquidity, and that of course could make the market have erratic movements. That being said, I still see a lot of bullish pressure just waiting to happen, and short-term pullbacks continue to offer value. Because of this, the market is likely to see value hunters come back in from time to time.

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