Silver nears key support zone [Video]
|Silver has surged to a new 13-year high, decisively confirming the bullish trend in the precious metal. The ongoing rally, which began from the May 15, 2025 low, is unfolding as an impulsive Elliott Wave structure, characterized by strong upward momentum. From the May 15 low, wave 1 peaked at 33.69. A corrective pullback in wave 2 followed that concluded at 32.58. The metal then resumed its ascent in wave 3, demonstrating robust bullish sentiment.
Within wave 3, the internal structure is clear. Wave ((i)) reached 33.56 and a shallow pullback in wave ((ii)) followed to 32.67. The subsequent wave ((iii)) propelled silver to a high of 37.31, underscoring the strength of the uptrend. Currently, a corrective wave ((iv)) is unfolding as a double three Elliott Wave pattern. From the wave ((iii)) peak, wave (w) declined to 36.51, followed by a brief recovery in wave (x) to 36.78.
The ongoing decline in wave (y) is expected to find support between 35.45 and 35.96, potentially completing wave ((iv)). Once this correction concludes, silver is poised to either extend higher in wave ((v)) to a new peak or rally in at least three waves, reinforcing the bullish outlook.
Silver 60-minute Elliott Wave technical chart
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