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Silver Price Forecast
8.12.24 - Silver Price Forecast
Gold last traded at $2,430 an ounce. Silver at $27.47 an ounce.
A Silver Price Forecast For 2024
On August 5th, 2024, silver violated support at $28.80; our silver price target of $34.70 is postponed. Silver charts suggest that silver will move to $34.70 late 2024. Once successful, next silver price targets are $48-50.
Silver continues its move higher, in line with our silver price forecast. While our first bullish target of $34.70 was almost hit, it looks like our second target of $48-$50 is now officially postponed to mid-2025 as per the silver chart setup of June 21st, 2024.
We expect silver to move higher in 2024 because the top in Yields is confirmed. Silver and Yields are inversely correlated. Our bullish silver price forecast 2024 is supported by silver's 4 leading indicators:
- Gold's secular bull market;
- Yields setting a top;
- USD is lacking bullish momentum;
- Inflation expectations respecting their uptrend.
In this article, we focus on the details how we derive our bullish silver forecast. Readers that are not interested in the details, can focus on the outcomes, conclusions, summaries provided in this long article.
Latest update - July 14th, 2024, InvestingHaven's research team confirms that 34.70 USD/oz is still a feasible target in 2024. Our second bullish target of $48-$50 is likely going to be hit in the first half of 2025.
