An analysis of daily and monthly charts reveals potential short-term and long-term trends for silver prices. According to the daily chart, silver remains stable above a rising support line currently between $66 and $68. If this support holds, prices may stay steady for a few weeks before potentially trending upward again, with a resistance level near $92. Silver, as a precious metal, often serves as a safe haven for investors, especially amid global economic uncertainties. Its price volatility is frequently influenced by global financial markets and economic policies. On a broader monthly chart perspective, if the ongoing bull run in gold and other precious metals ends, silver prices could experience a significant decline, possibly dropping to historical support levels between $48 and $50, with this trend potentially lasting several months or years. These price movements offer important guidance for investors to refine their investment strategies. Considering both short-term stability and possible long-term declines, cautious decision-making is advised. Given the fluctuations in global financial markets and economic changes, further uncertainty in precious metal prices is expected, warranting close attention from investors.
Source: binance
