Page 36 - Bullion world volume 4 issue 6 june 2024

Bullion World | Volume 4 | Issue 6 | June 2024

Silver: Breaking Barriers and Eyeing New Highs
Silver has made a significant technical breakthrough by surpassing the long-term barrier of $29. This breakout
positions silver for limited downside risk, estimated between $24 and $25. In the short to medium term, silver exhibits
strong potential to reach $35 within the coming year.

Looking further ahead, silver's bullish trajectory could drive prices to $50, approaching its all-time highs, over
the next two to three years. This optimistic outlook is supported by robust demand fundamentals and technical
momentum.

Platinum: A Recovery in the Making
Platinum's price action has been intriguing, especially following the downside liquidity sweep in 2020. This event has
set the stage for a potential climb to the $1200-$1350 range. Currently, platinum is experiencing a sideways trading
pattern, reflecting market consolidation.

The downside risk for platinum appears limited to the $850-$900 zone. However, as the market dynamics evolve,
platinum prices could see substantial growth, potentially trading between $1400 and $1800 in the next two to three
years. This forecast is underpinned by anticipated industrial demand and constrained supply.

Conclusion
In summary, the technical outlook for gold, silver, and platinum suggests significant opportunities for investors.
Gold's support at $2275 and potential rally to $2550 for the coming year, silver's breakthrough above $30 with
an eye on $34-$38 within the next year, and platinum's recovery towards $1300-$1500 all highlight the dynamic
nature of these precious metals. As always, market participants should remain vigilant and responsive to evolving
market conditions to capitalize on these potential movements.

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