Silver Price Movement Forecast

Silver on a fundamental level

Silver fell on Thursday near $56.60 as profit-taking after strong rallies over the past weeks and months, and expectations remain that silver prices could remain high next year thanks to the commodity's safe-haven appeal and industrial demand.

The precious metal's price appreciation since the beginning of the year has outpaced that of its peers such as gold.

Its use in the solar energy, electric vehicle and electronics sectors is likely to support real consumption, he adds.

With global growth remaining resilient and the Federal Reserve's expectations of easing, silver remains well positioned in the commodity market, supported by low supply, strong industrial demand, ETF inflows, and stable macroeconomic drivers.

Silver on the technical side

Silver prices are trading on the four-hour frame near $56.60 levels with an uptrend, which may push the metal to rise towards $58.00 and then $60 levels, which will be the completion of the harmonic pattern that we talked about in the weekly analysis video here

This scenario will fail if the $56.00 levels are broken.