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Silver set to decline if price stays below 64.78, technical view says
The analysis points to 61.9 to 64.78 as a potential sellers zone, with bearish confirmation tied to a break below the cited red A low.
Action Forex said its Elliott Wave read on silver futures priced as XAGUSD shows a corrective zigzag recovery off the 71.598 peak, with the structure counted as a 5-3-5 pattern.
The technical outlook calls for another short-term high to complete the correction, projecting a move toward a 61.9 to 64.78 sellers zone before a next lower leg begins.
According to the piece, the bearish scenario remains intact as long as silver holds below 64.78, and it notes a prior reaction after the correction completed around 63.29.
The author said the next step for confirmation would be further downside extension and a break below the red A low, while adding that the view could change if price moves differently.
Latest closeSilver $57.33 ▼2.0%