Amid a difficult week for silver, which has seen the popular precious metal slow down and even move to reverse the gains from the previous period, artificial intelligence (AI) algorithms have retained the positive outlook of certain market experts, expecting silver to recover in the coming weeks.
Indeed, one of the largest commodities might be getting ready to surge higher, taking into account silver’s six-month and medium-term chart patterns, opening a gateway to prices close to those from 2011 and 1980 peaks, according to market analyst Andrew Hecht’s report on April 23.
Silver demand driving price up
As factors supporting his prognoses, Hecht singled out increasing demand for silver, which trade organization The Silver Institute predicts would increase to 1.2 billion ounces in 2024, with a supply increase of 3%, thus creating a deficit, in addition to growing investor interest, and gold trading in record territory.
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It is also worth noting that Bloomberg’s senior commodities strategist Mike McGlone has also earlier shared a bullish perspective around silver, arguing it may only be a matter of time before the precious metal surpasses the price of $30 per once, based on the asset’s previous action.
AI predicts silver price
Meanwhile, self-learning AI algorithms and prediction models deployed by the price-predicting platform CoinPriceForecast have suggested the price of silver would increase by May 1, 2024, hitting $27.68 per ounce, which would represent an increase of 2.14% from its current price.
For now, silver is currently trading at the price of $27.1, suggesting a decline of 0.69% in the last 24 hours, dropping 3.85% across the previous seven days while accumulating a gain of 9.86% on its monthly chart, according to the most recent data retrieved by Finbold on April 24.
All things considered, both experts and AI agree that silver might be looking at better days in the near future, but the markets can sometimes be fickle, so doing one’s own in-depth research and weighing the risks is adamant before investing a significant amount of money in any asset.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
