Silver Can Turn Higher According To Swiss Franc . Elliott Wave pattern shows potential bullish development for the metal.
Silver(XAGUSD) is turning up from projected 21.50-22.00 area as expected, which is the first potential but strong support area for three wave drop in wave E that we have been tracking with our members very closely since early December of 2023 when Gold made a nasty “fakeout”. So, now when looking at silver, if we are correct then metal can turn higher here from the lower side of a big range, but for a confirmed bullish reversal we need an impulsive recovery out of a downward channel and towards 23.50 level.
As you can see below, silver and Swiss franc(CHF) are nicely connected due to a positive correlation, so if CHF will stay strong against the USD dollar, then silver could easily rally further.
For our updates on USDCHF updates and Silver, check our services here.
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