Silver could be heading to a new 2024 high

Following the release of today’s weaker-than-expected US CPI report, the US dollar slumped and bond prices rallied. This helped to fuel a fresh rally in precious metals. As well as silver we saw big gains for the small-cap Russell 2000. With rate cut expectations on the rise, our silver forecast remains positive.

Given the recent break out from the bull flag pattern, silver could be heading above $32.50, the high from May. But the potential is there for a massive continuation thereafter, with $35 being the next immediate target.

By Fawad Razaqzada, market analyst at FOREX.com