Silver (XAGUSD) has been showing signs of impulsive structure since the low on 10.3.2023. The price action has been characterized by waves (1) through (5), with corrections in between. The metal rallied to 25.91 in wave (1), corrected to 21.94 in wave (2), extended to 29.79 in wave (3), and pulled back to 26.02 in wave (4.
As per the 1-hour chart analysis, Silver is currently in wave (5) of the impulsive structure. Within wave (5), internal subdivision is unfolding as a 5-wave impulse Elliott Wave structure. Wave ((i)) ended at 27.51, wave ((ii)) corrected to 26.99, wave ((iii)) extended to 28.76, wave ((iv)) pulled back to 27.94, and the current wave ((v)) is in progress.
Looking ahead, Silver is expected to complete wave (v) of wave ((v)) of 1 before experiencing a corrective wave 2. The pullback is anticipated to correct the cycle from the low on 5.2.2024. As long as the pivot at 26.02 low remains intact, further upside movement is expected.
Short-Term Support and Resistance
In the near term, it is likely that any pullback will find support in a 3, 7, 11 swing pattern, indicating the potential for further upside movement in Silver. Traders and investors should monitor closely the levels of support and resistance to gauge the strength of the current trend.
The Short Term Elliott Wave analysis of Silver (XAGUSD) suggests a bullish outlook with momentum favoring further upside movement. However, it is essential to remain vigilant and adapt to any changes in the price action to make informed trading decisions.