Affiliate Disclosure
Affiliate Disclosure adheres to strict guidelines to preserve editorial integrity to help you make decisions with confidence. Some of the reviews and content we feature on this site are supported by affiliate partnerships from which this website may receive money. This may impact how, where and which companies / services we review and write about. Our team of experts work to continually re-evaluate the reviews and information we provide on all the top Forex / CFD brokerages featured here. Our research focuses heavily on the broker’s custody of client deposits and the breadth of its client offering. Safety is evaluated by quality and length of the broker's track record, plus the scope of regulatory standing. Major factors in determining the quality of a broker’s offer include the cost of trading, the range of instruments available to trade, and general ease of use regarding execution and market information.

Silver Forecast: Looking to Rally Even More?

Last but not least, it is critical to keep a watchful eye on the performance of the US dollar.

  • The silver market exhibited a slight retreat in the early stages of Thursday's trading session, only to swiftly reverse course and display renewed momentum. Presently, the focus is on breaching the crucial $24 level.
  • A successful breach above this threshold would likely pave the way for a potential ascent to the $25 level.
  • It seems increasingly probable that this milestone is within reach, although silver, in its typical fashion, is not immune to market fluctuations and commotion.

Top Forex Brokers


    It is imperative to bear in mind the influential role that interest rate markets can play in silver's price movements. Historically, fluctuations in interest rates have had the capacity to move silver's trajectory significantly. A resurgence in interest rates could cast a shadow of negativity over silver's prospects. Moreover, our current positioning finds us in proximity to a zone that has previously posed considerable resistance, adding another layer of complexity to the silver market's outlook. Breaking above this level would signify a breakthrough and potentially cause a substantial uptrend for silver. In this environment, it is likely that we will see a lot of FOMO trading in the silver pits.

    Be Prudent

    Another essential factor to monitor is the concept of industrial demand. Should we indeed find ourselves on the cusp of an economic recession, the demand for silver in industrial applications may diminish, exerting downward pressure on the market. Conversely, silver can also serve as a haven asset, much like other precious metals, although I must confess a personal preference for gold in such scenarios. The ever-evolving landscape of geopolitics continues to exert its influence on various markets, and any escalation in geopolitical tensions could contribute to silver's move higher, as traders are looking to protect wealth in an uncertain environment.

    Last but not least, it is critical to keep a watchful eye on the performance of the US dollar. A strengthening US dollar typically works against the value of silver. However, in the event that individuals turn to silver as a safe-haven asset, both assets could conceivably rise concurrently. Regardless of the prevailing circumstances, it is evident that we are witnessing an attempt by silver to break out of its current range. In this environment, potential short-term pullbacks toward the 200-Day Exponential Moving Average could present attractive buying opportunities. As always, exercise prudence in managing your position size to navigate the evolving dynamics of the silver market effectively.

    SilverReady to trade our Forex daily forecast? We’ve shortlisted the best currency trading platforms in the industry for you.

    Christopher Lewis
    About Christopher Lewis

    Christopher Lewis has been trading Forex for several years. He writes about Forex for many online publications, including his own site, aptly named The Trader Guy.

    Most Visited Forex Broker Reviews