Silver Price Outlook – Silver Continues to Look Bullish

NEW YORK (December 11) The silver market has seen a bit of a pullback in the early hours of the Wednesday session, as the market continues to see a lot of noisy behavior, as the markets are trying to sort out the interest rate situation around the world, and the industrial demand for the metal, making a bit different than the gold market.

Silver Markets Technical Analysis

Silver has been all over the place during the early hours on Wednesday as we continue to bang around just below the crucial $32.35 level. If we can break above there, then it’s likely that we could rip to the upside, perhaps looking towards the $34 level. Ultimately, this is a market that I believe needs to perhaps build up enough inertia and pressure in order to really get going. If and when we can take over the $32.35 level on a move to the upside, then you have the possibility of a continued FOMO trade.

Short-term pullbacks, I believe, will continue to see a lot of support at a particularly interesting area, the 50-day EMA at $31.21. In general, this is a market that I have no interest in shorting, but I do recognize that it placed second fiddle to gold and that is something that you always have to pay attention to. Luckily, it looks like gold is trying to pick things up. So that might just drag silver right along with it.

CPI numbers came in as expected, so that was a non-factor, and now we pay close attention to the Federal Reserve going forward. Ultimately, this is a market that will be watching the Fed and what it does going forward. The Fed is likely to get to the point where the statement will be the next major mover of markets, especially the metals.

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