Silver price forecast commodity desks revise silver price

Commodity desks revise silver price forecast upward after strong ISM manufacturing figures in the U.S. Spot silver now trades at $28.38, a four-week high, and appears poised for a technical breakout if Fed policy guidance remains dovish. President Trump is proposing holding and even adding to the government’s bitcoin store, a significant departure from the previous administration. Here's how the strategic bitcoin reserve would work. In August 2020 , the price of silver reached nearly US$28.50 before pulling back again, and moved back up near those heights in February 2021. The price of silver saw a 2022 high point of US$26.46 in February, and passed US$26 again in both May and November 2023. Silver rallied in the later part of the first quarter of 2024 , and by April 12 was once again flirting with the US$30 mark as it reached an 11 year high of US$29.26. Despite pulling back to the US$26 level soon after, by October 22 the price of silver had a nice run in the lead up to the election, rising up to US$34.80. Investment bank analysts maintain a silver price forecast aiming for $30, grounded on declining warehouse inventories and robust import demand from India. Intraday strength above $28.20 likely to attract technical buyers.