Bulls are focused on the $24.5 level on the silver price chart, with more optimistic investors eyeing the $26 resistance line.
Industrial demand for silver is also a factor in determining any silver price forecast. Should there be a recession, it is likely that there will be less need for silver, as the industry reduces its output and thereby, a drop in prices could be expected.
Watch for a more in-depth analysis of where the price of silver might go.