Silver Price Prediction for Next Week
| Support 2 | Support 1 | CMP | Resistance 1 | Resistance 2 |
|---|---|---|---|---|
| 159,000 | 176,499 | 196,100 | 214,146 | 255,481 |
COMEX Silver prices faced intense downward pressure this week, falling below $54 per ounce to reach multi-month lows. Two major factors drove the decline: rising Brent crude oil prices due to Middle East supply concerns increased expectations of prolonged high US interest rates, while a sharp fall in AI and technology stocks triggered cross-asset selling to cover equity losses. Although the Federal Reserve is likely to keep interest rates unchanged at its upcoming meeting, persistent inflation and high energy prices have kept a possible December rate hike in focus. As a result, the Gold/Silver ratio expanded towards 74.51, highlighting silver's underperformance compared to gold. Investors will closely monitor upcoming US PCE inflation data and major regional trade flows to assess market direction.
Like gold, silver prices continued their downward momentum throughout the week, recording a negative weekly close for the fifth consecutive week. Prices declined by 7.25% during the past week and closed at 196,100 after breaking below the psychological level of 200,000. Silver prices continued to trade below the bearish trend line and the 20-DEMA level of 216,010, which may act as a key resistance during any price recovery. A Death Crossover has also formed, with the 50-DEMA moving below the 200-DEMA, indicating the possible beginning of a long-term downtrend in silver prices. On Friday, silver prices moved within a narrow range near the lows and formed an indecisive daily candle. This was also reflected in open interest (OI), which declined to 16,880 lots, indicating short covering.
Silver prices are expected to maintain a moderately bearish trend in the upcoming week. Market participants may monitor price movements, key resistance levels and upcoming economic data to assess the near-term trend.
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