Although silver has dropped from its top of $24.60 in December, it is now showing indications of recovery. Silver has recovered from a yearly low of $22.9 at the start of 2024, raising hopes for an upward trend. The performance of the metal is nevertheless impacted by larger economic variables.
The Job Openings and Labor Turnover Survey (JOLTS) and the ISM Manufacturing Index, two recent economic indicators, point to a declining manufacturing sector in the United States and improving labor market conditions. With this background, there is pressure on the silver market, which adds to the short-term pessimistic prognosis.
At $23.17 right now, silver has gained about 1% over the last day. A weaker currency and falling bond yields are two factors contributing to this growth.
One-month pricing chart for silver. TradeView is the source.
Notably, it is expected that the upcoming Federal Reserve policies would have a substantial impact on silver’s trajectory. But because silver hasn’t been able to fully benefit from a number of triggers, including geopolitical worries, market sentiment is still cautious.
ChatGPT projects the price of silver to the end of 2024.
Finbold used generative artificial intelligence (AI) methods to analyze future price trajectories and gain insights on how the precious metal would perform by the end of 2024.
ChatGPT from OpenAI offered both bullish and bearish silver forecasts. The positive prognosis depends on things like the world economy’s revival, worries about inflation, and a declining US currency. A possible trading range of $30 to $35 was recommended by ChatGPT if these conditions are met.
In the bearish scenario, ChatGPT also recommended a price range of $18 to $20, citing influences from improved geopolitical conditions and Federal Reserve policy.
Forecast for the price of silver. ChatGPT is the source.
Google Bard forecasts the price of silver.
Additionally, future bullish and bearish patterns for silver were projected by Google Bard. Potential rate cuts by the Federal Reserve, which would reduce the value of the US dollar, and rising demand for silver in green technologies are expected to fuel a bullish trend. By the end of 2024, Bard believes silver prices might be between $27.80 to $34.70 an ounce.
Forecast for the price of silver. Google Bard AI is the source.
Bard also offered a pessimistic prediction, stating that by the end of 2024, silver prices would drop and hover around $19.69 to $20.00 an ounce. This prediction is based on ongoing worries that the US currency would increase due to Federal Reserve rate hikes, a possible recession in the world economy, and the possibility that the US dollar will rise again and make silver less desirable.
Both AI algorithms generally indicated that there may eventually be changes in the price of silver, pointing to unanticipated variables influencing the sentiment of the market as a whole.
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