Silver has been trading in a downtrend against the U.S. Dollar (USD) since December 2023, and it is currently testing price support.
Looking for financial insights, Finbold turned to Grok, an advanced artificial intelligence (AI) model created by xAI, an Elon Musk’s company. Notably, Grok thrives among other AI models for its real-time scan capacities on X (formerly Twitter), providing up-to-date information.
Previously, it gave valuable insights like predicting the price of Gold for the end of 2024, naming the ideal cryptocurrency for payments on X, and providing multiple cryptocurrency forecasts.
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Grok AI on Silver price ranges by the end of 2024
As for the most likely price of silver for the end of 2024, Grok AI believes in a range between $28 and $32 per ounce.
“Based on current market trends and the retrieved tweets, the most likely price range for silver at the end of 2024 is between $28 and $32 per ounce.”
– Grok, by xAI
Grok AI on the maximum and the minimum price for Silver in 2024
In the meantime, Finbold also asked Grok for the maximum price Silver could trade in 2024. In its bullish forecast, the AI sees a yearly high of $34 per ounce for the commodity.
“Considering the potential for increased industrial demand and a weakening US dollar, silver could reach a maximum of $34 per ounce in 2024.”
– Grok, by xAI
On the other hand, Grok has made a mistake, saying Silver’s minimum price for the year would be at $24 per ounce. However, the precious metal is already trading at $22 on February 14, invalidating the AI’s bearish scenario.
“If the market experiences unexpected shifts or if interest rates remain high, the minimum price for silver could be around $24 per ounce in 2024.”
– Grok, by xAI
Silver price analysis
Interestingly, there is a clear downtrend on the daily chart, with lower highs since December 4, 2023. This trend has a technical resistance below $23 and support at $21 per ounce. This means the commodity must break the trend line before seeking higher levels.
Financial analyst Rachit Jain believes “a breakthrough above $26 [per ounce] could signal a favorable entry point for more addition.”
In particular, Silver could see gains of 27% to 45% in the most likely forecast by Grok AI. A run to its maximum would mean a 54.5% surge, while a drop to the support would mean a loss of 4.45%.
Nevertheless, the artificial intelligence model is prone to mistakes, and investors must remain cautious. Silver’s price is affected by macro and microeconomics, for example, related to its available supply on Earth.
In conclusion, investing in Silver could offer an appealing risk-reward opportunity at this moment. Moreover, this investment has valuable fundamental properties of a solid financial hedge against inflation and economic recessions.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
