EW Analysis: Silver Is Pointing Towards 2019 Highs

26 Jun 2020

Hello traders!
Today we will talk about Silver and its price action from Elliott Wave perspective.

Metals are in an impulsive rally, especially Gold, but since March, Silver is doing much better if we take a look at the GOLD/SILVER ratio, which is now turning bearish and there's actually room for more weakness after recent corrective slow down. So, it means that Silver may continue to work better than Gold.

Silver is in the strong uptrend from the beginning of March and it's ideally unfolding a five-wave cycle back to the 2019 highs, so current slow down can be just a temporary correction in wave 4 before we may see another leg to the upside, probably final 5th wave that can send the price up to 19 area.

In the 4-hour chart we are currently tracking a bullish triangle within wave 4 that can be approaching the end soon, so a rise into a 5th wave can be around the corner.

Be humble and trade smart!
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Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.

13 Jul 2020

Nota

SILVER XAGUSD is coming into projected and important target area around 2019 highs. Carefully at this stage. #elliottwave

20 Jul 2020

Nota

SILVER XAGUSD hit 2019 highs as expected, clearly within a five-wave cycle, so be aware of a corrective slow down soon. #elliottwave