Silver is currently trending at a paltry $23. Economists at TD Securities analyze XAG/USD outlook.

Silver to trend near $23 for much of the next three months

Silver is projected to trend near a low of $23 for much of the next three months.

As it becomes clear that the Fed and other central banks will start to pivot to a more dovish monetary policy stance in the early months of 2024, boosting the prospects for economic recovery on the horizon, we expect the white metal will set its sights towards $26 in the final days 2023. 

In the very long term, silver is expected to trade significantly above the $26 mark and should increasingly decouple from Gold, as its ties to the interest/lease rate environment weaken.