Commodites

Silver Slowed Down Within A Corrective StructureJun 13, 2024

Silver Slowed Down Within A Corrective Structure from technical point of view and from Elliott wave perspective.

Silver is bullish on a daily chart and structure up from 21.90 is not in five waves yet, thus bulls can stay in play for $34/35 targets, where we see some strong resistance levels, so be aware of a limited upside up there.

Silver Slowed Down Within A Corrective Structure XAGUSD(SILVER) Daily Chart
XAGUSD(SILVER) Daily Chart

But because drop is still overlapping on 4h time frame, which we see it as a three-wave A-B-C correction with a potential wedge pattern in wave C, new buyers can still show up, ideally here around 29-28 support area.

Silver Slowed Down Within A Corrective Structure XAGUSD(SILVER) 4H Chart
XAGUSD(SILVER) 4H Chart

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