Silver Forecast Today - 1/03: (Video & Chart)
Date
3/2/2024 12:00:53 AM
(MENAFN- Daily Forex)
After the PCE figures in the US came in as expected, silver rose rather strongly, validating the general consolidation region we have been in for a while. However, this won't go on forever, and I think that the market is going to be moving sooner rather than later.
As you can see, silver prices did take a small step back before turning around and exhibiting serious momentum. The PCE figures released by the US were essentially where they should have been, and markets now see them as more of the same. And if that's the case, one region that I believe could pose some problems is the 50-day EMA, where short-term pullbacks are buying opportunities. We might then look to the 200-day EMA following that. The $23.50 level is the next possible objective after that. The $22 mark is still seen as possibly significant support in the short term. Consequently, I do believe that this market has a definite floor in the $22 region, as it has proven itself multiple times over the last several years.
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In this general area, we have been consolidating quite a bit. And in light of that, nothing about this is very surprising. On a break at the top of that hammer , I did in fact get long the day before. As you can see, everything went really smoothly. Having said that, I believe we could finally eliminate 23 and a half. And twenty-four and a half might be the aim if we do. Longer term, I think we'll keep moving between $22 at the bottom and $26 at the peak. Remember that industrial demand, interest rates , and essentially central bank policy will all continue to play a significant role in how silver performs.
Remember that silver can serve as a kind of wealth store in addition to geopolitical considerations. In the end, there isn't much reason to short silver, but bear in mind that, over the long run, silver tends to be extremely range bound. It would also be quite an accomplishment to see the silver market break over the $26 ceiling in the market at this time. In that scenario, precious metals would likely flood the market with momentum, causing all sorts of financial mayhem. This is a market that could be very important later in this year, and it could be a situation where we see wild swings, but in a major uptrend overall.
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