Silver Price Forecast: Silver Consolidates Which Presents Buying Opportunity?

The price of Silver has recently formed a short-term bearish pattern, leaving some investors concerned. Let’s take a look at why silver dropped and see if it presents a buying opportunity.

Silver Price Forecast: Buying Opportunity?

Looking at the five-day span on TradingView, Silver has had a hard time breaking through the $24.50 resistance level.

It looks like Silver could even break down through the $24 level into the $23 range.

Is it time to panic?

Silver’s decline in price is likely correlated with the rise in $DXY (U.S. Dollar Index), which has bounced back recently.

Still, we remain strong on our convictions for a bullish year ahead for Silver.

These dips might even indicate a solid buying opportunity for any investors on the fence about precious metals.

When markets drop, sometimes its best to tune out the noise.

Other times it’s for good reason. Today’s declining silver price does not cause us any long-term concern.

We still expect Silver to break through the $30 level, hitting roughly $34 by the end of 2024.

However, the bearish pattern forming could stick around for another few days.

If we zoom out a little — rather than getting swept in a slight decline — we can see that Silver is largely trending up over a large channel.

Summary

This appears to be a ‘tune it out’ type situation.

We remain strong on our Silver price forecast for 2024 and view this recent decline as a decent buying opportunity.

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