Silver’s Next Leg Could Shock Markets: From $30 to $121?

Analysts are warning of a potential 10% correction in silver prices as the precious metal sector reels from sharp volatility triggered by the US-Iran conflict. While gold maintains its price structure, silver has plunged to $80, sparking debate over whether the metal will continue its fall or stage a shocking reversal.

Silver Price Prediction: New Comments From Experts

Silver price is continuously showing rapid downfall, plunging to sit at $80, from its earlier high of $120. This dramatic silver price fall has come at a time when three countries are conjunct in geopolitical conflict, a narrative that is suitable for safe haven assets like silver to surge. However, in a new development, the silver price has continuously dropped to new lows, amplifying speculation in the market.

Silver’s current price plunge is, however, yet to unfaze analysts who believe that the current silver price dump is temporary. Per Rashad Hajiyev, precious metals are yet to reach market momentum and may reverse their course, ascending to new peaks soon.

At some point, likely this week, appetite is going to come back to precious metals sectors. Gold and silver went to a second plan given the developments in the Middle East. However, this is to change soon, since precious metals are going to be the main asset to benefit leaving…

Hajiyev later shared how silver is showing signs of breaking out again, breaking down the lower band of a 1.5-month triangle, and displaying a sense of recovery again.

It is the moment of truth for precious metals. Silver as well broke down the lower band of the 1.5-month triangle. The question is if buyers finally step in to defend the formation or not. In present environment, I do not see how metals correct too much longer… pic.twitter.com/cAiaYYSHb4

Post Consolidation: What Silver Could Achieve

Per Hajiyev, silver seems to be consolidating as precious metals continue to hover behind a surging US dollar. Hajiyev shared how silver is also consolidating at present, and once it’s through its resting phase, there is no stopping silver from hitting new highs.

Per the expert, silver may hit a new peak of $140 to $150 in its next leg up.

Gold to silver ratio (GTS) is bear flagging. Once it breaks down, GTS is headed towards 40 level. With gold ready to shot up to $5.8 – 6k next, silver is eyeing $140 – 50 level… pic.twitter.com/PH5RSVmtiU