Silver Forecast Today - 23/12: Gold Rallies Strongly (Chart)

2024-12-23 02:22:46

(MENAFN- Daily Forex)

Dear my daily analysis of commodity markets, it's worth noting that the silver market is currently bouncing near the 200 Day EMA indicator, which of course is a strong technical signal.
That being said, there are a lot of different things moving in the market right now, see you do have to be somewhat cautious about getting overly exposed to anything, not just silver.

With this being the case, I think you have to look at this through the prism of whether or not it can actually sustain some type of recovery, which of course will be determined by interest rates in America, the US dollar, and the general attitude on risk appetite. I do think at this point in time we have seen a lot of damage done over the last several days, and it is probably worth mentioning that the silver market actually started selling off quite a bit earlier than that. Perhaps something was in the air that some traders were aware of?

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If the silver market can take the $30 level back again to the upside, then it could begin to be a believable recovery. Silver is quite volatile, and over the next couple of weeks there will be issues with volume. That will almost certainly mean that the markets will be very noisy, and therefore you have to be cautious about your position size, which is something that I suggest when trading silver under the best of circumstances. Right now, these are not the best circumstances so be aware of that.

On the other hand, if we were to break down below the lows of the last couple of days, then silver could find itself looking toward the $28 level. The $28 level of course is an area that a lot of people will be looking to see whether or not it holds as it is a large, round, psychologically significant figure and an area that was a support level not too long ago.

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