Bonds

Silver Is Making An Intraday Pullback Within UptrendJul 27, 2023

Silver is making an intraday pullback within uptrend, as we see it unfolding a five-wave bullish impulse by Elliott wave theory.

Silver is in an impulsive recovery away from 22.05 lows and there’s room for more upside as it can be unfolding a five-wave bullish cycle from Elliott wave perspective. It’s actually moving nicely as expected for now and we still see it trading in an (a)-(b)-(c) correction within wave »iv« with ideal support here around base channel resistance line and 24.00 level before the uptrend for wave »v« of 3 resumes.

Silver Is Making An Intraday Pullback Within Uptrend  Silver 1H Chart
Silver 1H Chart

The main reason why we remain bullish on silver is 10Y US Notes chart, which is in tight positive correlation with metals. As you can see, after a failure break of March 2023 lows, we have seen strong recovery on both assets. They are probably just making a corrective pullback before a continuation higher.

Silver Is Making An Intraday Pullback Within Uptrend  10Y US Notes vs. Silver
10Y US Notes vs. Silver

From Elliott wave perspective, 10Y US Notes is finishing a complex (W)-(X)-(Y) corrective setback in B/2 with ideal support here around 111 level. So, if we are on the right path and if 10Y US notes will continue higher into wave C or 3, then silver could easily stay in the bullish trend.

Silver Is Making An Intraday Pullback Within Uptrend  10Y US Notes 1H Chart
10Y US Notes 1H Chart

We talked about supportive and bullish metals back on June 29. CLICK HERE

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