Silver Price Forecast: Weaker Dollar and Factory Growth Fuel Recovery
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Key Points:
- Silver rebounds toward $64, while $70-$72 remains the main breakout zone.
- A weaker US dollar and lower rate-hike expectations support the recovery.
- The $50-$55 area remains the key support for the broader bullish outlook.
Silver (XAG) has rebounded from the July low of $54.77 and is now approaching the $64 resistance. A weaker US dollar, lower expectations for September rate hike and stronger US manufacturing data support the recovery. But the upcoming inflation report and volatile oil prices remain important risks. In my view, the long-term structure remains bullish above $30, but silver must break above $90 to complete this correction and open the way to new record levels.