Silver Price Predictions: Analysts See Bullish Outlook Despite Recent Correction
The silver price has retreated from its recent highs, leaving traders divided about what's next. Three market commentators have outlined bullish scenarios for silver's future performance.
Rashad Hajiyev believes that silver is on track to test $77 per ounce in the near term. He points to a tightening triangle formation in the metal's daily chart, with two trendlines converging and limiting room for trading inside the pattern. A move to $77 would represent a 20% gain from current levels.
Rock Bottom Entries is taking a longer-term view, suggesting that silver has just backtested a 45-year breakout level and is poised for further gains. The analyst projects a path toward $190-$200 per ounce by the end of the decade, although this is an illustrative scenario rather than a near-term target.
Trendonomics believes that silver could be preparing for an Elliott Wave 3 rally once it completes its current correction. The analyst points to a potential bullish reversal and breakout from the corrective structure as key conditions for confirming the next rally.