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Silver Forecast: Bullish Pressure

  • Silver continues to hang around near the highs as the market has seen an inordinate amount of bullish pressure.
  • At this point, we are over bond by just about any measure you can think of, and the $28.50 level should continue to be a significant barrier as it is a longer term resistance barrier with the Relative Strength Index well above 70.

Mean Reversion Trade?

I do think that some type of “reversion to the mean” will happen, meaning that we should get some type of pullback. That pullback should be thought of as a potential buying opportunity as it offers cheap silver. As long as we can stay above the crucial $26 area, I think you will continue to see people press this market to the upside.

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    All of that being said, if we break down below $26, then you have to ask whether or not we are going to reenter the previous consolidation area. That had been important for so long. Either way, silver does look a little bit stretched, and even gold is starting to show signs of hesitation. Now pay attention to gold because it does tend to lead silver, and therefore you may get a little bit of a heads up.

    Silver Forecast Today 12/4: Bullish Pressure (graph)

    All of that being said, if we were to break above the $28.50 level, especially on a daily close, that really could send a lot of money into this market, perhaps sending silver looking towards the $30 level, although I think we need some type of consolidation to work off the froth before that actually happens. This is a market that will continue to be a lot of volatility, but in the end, it looks as if the buyers are still very much in control of silver pricing overall.

    I think that sooner or later, we will have to make a bigger decision as to whether or not silver markets con hang onto the momentum. I am not sure about that – but I do know that the market isn’t one you can short anytime soon.

    Ready to trade our daily Forex forecast? Here’s a list of some of the Top Silver Trading Brokers to choose from

    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.


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