New target expectation in silver prices: $80 forecast from UBS
While UBS analysts point to $80 for silver prices, Bank of America maintains a cautious stance against a possible correction move.
Following the sharp rise in silver prices, global financial institutions are evaluating new target levels. UBS highlights scenarios where silver exceeds $80, while Bank of America anticipates a more cautious correction.
Latest situation in the silver market
Following the sharp rise in August, attention has turned to new target levels for silver prices. Although spot silver pulled back after failing to sustain levels above $70, it managed to recover once again.
Despite short-term pullbacks, silver is tracking about 23 percent higher compared to its level at the beginning of August.
UBS's $80 scenario
Major bank UBS stated in its recent assessment of the silver market that the technical outlook is strongly bullish. Limited recovery in borrowing activity and demand in forward maturities are supporting prices.
According to UBS analysis, if the $71.64 resistance is broken, the $75.93 and $80.22 levels could come into play respectively, and the $80 scenario could gain strength.
Bank of America's cautious stance
In contrast to UBS's optimistic picture, Bank of America exhibits a more cautious market outlook. The institution predicts that silver could experience a correction move before reaching $75.