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Silver set for limited upside before Elliott Wave reversal, analysis says
The outlook targets an initial resistance band of 63.42 to 64.24, with a possible push toward 67.00 before a selloff resumes within about 24 hours, according to Elliott Wave projections.
Silver (XAG) is still moving within an Elliott Wave framework that calls for a final five wave advance, after completing a wave ((iv)) pullback at 60.8514, according to analysis from Action Forex.
The writeup says the current corrective rally is in its final stage, with bullish short term momentum but “limited upside,” and that sellers are expected to return once price approaches key Fibonacci resistance levels.
On the 60 minute chart, the forecast suggests fifth wave action in red wave C, with an initial target between 63.42 and 64.24 based on 1.236 to 1.618 Fibonacci external retracements of wave ((iv)), after Silver already reached the 100% Fibonacci extension of wave A.
The analysis also notes a further extension possibility near the 161.8% Fibonacci level around 67.00, but expects the bounce to finish within the next 24 hours, after which the larger bearish trend should resume.
Latest closeSilver $61.56 ▼0.9%