The short‑term Elliott Wave view in Silver (XAGUSD) indicates a constructive bullish sequence after the break above the April 17 peak at 83.05. That move confirmed a higher‑high structure and reinforced the upward bias. From the April 30 low, the rally has unfolded as a five‑wave impulse, a classic Elliott Wave formation that often signals continuation of strength.
Wave (i) advanced to 76.96, while the corrective pullback in wave (ii) found support at 72.16. Momentum then carried the metal higher in wave (iii), reaching 82.12. A modest retracement in wave (iv) concluded at 78.08, preserving the integrity of the bullish sequence. The structure now points toward one final leg higher to complete wave (v). This move should also finalize wave ((i)) of a larger degree, setting the stage for a corrective phase in wave ((ii)). That correction will balance the cycle from the April 30 low before the broader rally resumes.
Near term, the key pivot rests at 70.95. As long as this level remains intact, pullbacks are expected to attract buyers. Corrective sequences may unfold in three, seven, or eleven swings, each offering potential entry points for continuation of the bullish trend.
Spot Silver (XAGUSD) 60-Minute Elliott Wave Chart
XAGUSD Elliott Wave Video:
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