Elliott Wave view: Silver (XAG/USD) 5 waves down suggests further downside [Video]

Elliott Wave Forecast Team ElliottWave-Forecast.com

Short term Elliott Wave View in Silver (XAGUSD) suggests cycle from 7.14.2022 low completed as a flat structure. Up from 7.14.2022 low, wave A ended at 20.86 and pullback in wave B ended at 18.07 as another flat correction. Up from there, Index rallied in another 5 waves in lesser degree. Wave ((i)) ended at 18.94 and wave ((ii)) ended at 18.26. Silver resumed higher in wave ((iii)) towards 22.06, dips in wave ((iv)) ended at 21.26, and final wave ((v)) ended at 22.25 which completed wave C of (4).

From here, XAGUSD dropped in wave (5) forming an impulse in lesser degree. Down from wave (4), wave ((i)) ended at 21.36 and wave ((ii)) ended at 22.05. Silver continue lower ended wave ((iii)) at 20.73, bounce in wave ((iv)) ended at 21.29. Last wave ((v)) finished at 20.56 to complete the impulse as wave 1. Wave 2 rally is in progress as a zigzag structure. Up from wave 1, wave ((a)) ended at 21.329. Expect wave ((b)) pullback then another leg higher in wave ((c)) to end wave 2. As far as the metal stays below 22.25, we expect the rally to fail and the metal to resume lower in wave 3.

Silver (XAG/USD) 60 minutes Elliott Wave chart

Silver (XAG/USD) Elliott Wave video

Author

Elliott Wave Forecast Team

ElliottWave-Forecast.com

EUR/USD makes a U-turn, focus on 1.1900

EUR/USD’s recovery picks up further pace, prompting the pair to retarget the key 1.1900 barrier amid further loss of momentum in the US Dollar on Wednesday. Moving forward, investors are expected to remain focused on upcoming labour market figures and the always relevant US CPI prints on Thursday and Friday, respectively.

GBP/USD sticks to the bullish tone near 1.3660

GBP/USD maintains its solid performance on Wednesday, hovering around the 1.3660 zone as the Greenback surrenders its post-NFP bounce. Cable, in the meantime, should now shift its attention to key UK data due on Thursday, including preliminary GDP gauges.

Gold holds on to higher ground ahead of the next catalyst

Gold keeps the bid tone well in place on Wednesday, retargeting the $5,100 zone per troy ounce on the back of modest losses in the US Dollar and despite firm US Treasury yields across the curve. Moving forward, the yellow metal’s next test will come from the release of US CPI figures on Friday.