Silver Price Prediction: The Long Investor Sees Opportunity in Correction

Silver is trading near $63.80 an ounce, down from its record highs earlier this year due to a stronger U.S. dollar and rising oil prices.

Despite market expectations of a 25-basis-point rate hike by the Federal Reserve on Wednesday, one trader, known as The Long Investor, believes silver is undervalued and has started accumulating again.

The Long Investor called the silver price at $24 in March 2024 and held it through its rally to $120. After reducing exposure, they have started buying again after silver completed an ABC correction into the 0.618 Fibonacci retracement.

If buyers defend the 0.618 Fibonacci level of $63.17-$63.80, the first target is around $67.70, followed by the $70-$75 region.