Silver Weekly Forecast – Silver Continues to Struggle in the Same Area

NEW YORK (Dec 30) Silver Markets have attempted to rally during the course of the trading week, testing the $24 level multiple times. By doing so, and reiterated the idea that $24 was going to be significant resistance, and therefore I think you got a situation where you could probably struggle to get above there. If we do get above there, then the $26 level could be targeted. On the other hand, if we turn around and break down below the bottom of the candlestick, then we could get down to the $23 level, maybe even the $22 level which sits just above the 50-Week EMA.

Keep in mind that silver is a way to preserve money as well, but it is also an industrial metal, so that needs to be paid close attention to as well. In that scenario, you have to think of it through the prism of risk appetite as well. If risk appetite continues to deteriorate, we may see silver rollover. However, I think at this point we are more likely than not going to see a little bit of a consolidation area between $22 on the bottom and $24 on the top.

Anything out of that range could give you an idea of where we are going for the bigger move. I also point out that Silver has historically been manipulated by banks such as J.P. Morgan, which of course has paid out billions in fines, so you always had to be cautious about jumping into the markets with huge positions but it certainly looks as if there’s more upward pressure than down.

FXEmpire