Silver Forecast: Falls Ahead Of Volatile Friday (Video)

2026-01-08 11:12:21

(MENAFN- Daily Forex) The silver market fell significantly on Thursday, only to turn things around and show signs of strength again.

The silver market initially rallied a bit during the early hours on Thursday, only to turn around and fall.
At this point, it looks like they did, in fact, defend the $74 region, but I think you can only assume at this point in time that the non-farm payroll announcement on Friday is probably what most people will be watching.

If that is going to be the case, then we won't get a true lay of the land until after that. What I am hoping for is to see some type of pullback that we can take advantage of because we all know silver is a bullish market. I suspect we are trying to solidify the $70 floor. It has been tested multiple times over the last couple of weeks and has held true every time.

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The question is, where is the ceiling? We don't know, but right now at least it appears to be $82. I expect fully that eventually somebody is going to try to poke through there. With the AI hype, the central bank easing cycle, and the AI data centers, all of that just comes into the picture here to drive up demand in a market that, quite frankly, has been undersupplied for years. I have known about a shortage in physical silver for 7, 8, 9 years, possibly.

Now we are in a situation where we have to find the absolute floor in silver. In the short term, I do think that a lot of traders are really starting to eyeball the idea of $100 an ounce. That is a pretty big jump from here, but I also 2 years ago would have laughed at you if you said silver is going to be $75 an ounce, and here we are.

Short-term pullbacks could offer buying opportunities. I like the $70 level as a floor. If that gives way and we break below $69, then we have a deeper reset, and I personally would welcome that.

But as things stand right now, I think there is a little position squaring in front of the jobs number. I wouldn't read too much into today's action other than it tells you that this range, at least so far between $70 and $80, is in fact holding.

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