Silver (XAG) Forecast: Bullish Trend Targets Multi-Year High
Silver (XAG) Outlook: Bullish Momentum Builds
Silver (XAG) continues its bullish trend, recently hitting a high of $32.72, eclipsing the previous yearly maximum of $32.52. This uptrend positions the multi-year high target at $34.35, highlighting the traders' keen focus on potential market signals.
Interest Rate Expectations Impacting Silver Prices
The driving force behind silver's recent rally is the growing speculation surrounding a possible U.S. interest rate cut. Following the Federal Reserve's recent significant reduction to the benchmark rate, analysts are anticipating a 62% likelihood of another cut in November, which would further bolster silver's appeal.
Key Economic Data to Influence Market Trends
Eyes are set on Federal Reserve Chair Jerome Powell's speech and the upcoming economic data releases, including jobless claims and core personal consumption expenditures (PCE). These factors remain pivotal in shaping silver's future trajectory as traders brace for potential volatility.
Outlook for Silver in 2024
- 2024 has showcased silver's strength with over a 30% increase, propelled by rate cuts and safe-haven demand.
- Traders project silver could see prices approaching $35 per ounce.
Short-Term Forecasts
The prospect for silver remains optimistic amidst potential profit-taking activity. An average price of $31.76 is anticipated for Q4 2024 as traders prepare for volatility ahead.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.