Silver (XAG/USD) should continue to extend higher [Video]
|Short term Elliott Wave view in Silver (XAG/USD) suggests that rally from 1.22.2024 low is in progress as a 5 wave impulse. Up from 1.22.2024 low, wave 1 ended at 23.32 and pullback in wave 2 ended at 21.94. Up from there, wave ((i)) ended at 23.49 and wave ((ii)) ended at 22.25. Wave ((iii)) higher ended at 24.62 and pullback in wave ((iv)) ended at 23.98. Final leg wave ((v)) ended at 25.44 which completed wave 3.
Wave 4 pullback unfolded as a double three Elliott Wave structure as the 1 hour chart below shows. Down from wave 3, wave ((w)) ended at 24.93 and wave ((x)) ended at 25.32. The metal then extended lower in wave ((y)) towards 24.69 which completed wave 4. The metal then turns higher in wave 5. Up from wave 4, wave (i) ended at 24.96 and wave (ii) ended at 24.72. Silver should end wave (iii) soon, then pullback in wave (iv) before turning higher again in wave (v) to end wave ((i)). Afterwards, it should pullback in wave ((ii)) to correct cycle from 3.19.2024 low in 3, 7, or 11 swing before it resumes higher again. Near term, as far as pivot at 24.69 low stays intact, expect dips to find support in 3, 7, 11 swing for further upside.
Silver (XAG/USD) 60 minutes Elliott Wave chart
XAG/USD Elliott Wave [Video]
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.