Silver Price Forecast – Silver Continues to Be Elevated

Market Technical Analysis for Silver

Due to the fact that we are currently at an elevated level and it appears that traders are willing to take a little break, silver has not changed much throughout the trading session on Monday. After all, a significant move to the upside requires a lot of froth to be worked off, and there's a chance that a small reversal will occur if the gap beneath is not filled.

On Tuesday, the CPI data are released, and many people are betting that inflation will be lower. In addition, the Federal Reserve meeting on Wednesday will have a significant impact on the market. In the end, the $24 level above will provide a substantial short-term hurdle, but it appears that with enough time, we might move all the way to the $25 level.

The fact that the 50-Day EMA is closing in on the 200-Day EMA indicates that the "golden cross" that so many people pay attention to is about to form. With that, I believe it will draw some attention, but I also acknowledge that we are starting to approach the end of the year, and liquidity concerns could arise in some instances. In the end, the market will almost certainly find buyers on any substantial dip, but given how far we have to go up, it is challenging to continue chasing the trade at this point. I don't necessarily want to short silver because of this, but if you already have a position, it might be time to start realizing some gains.