Silver (XAGUSD) shows an incomplete sequence from 3.19.2020 low favoring further upside. The cycle has a 100% – 123.6% Fibonacci extension target towards 18.7 – 19.7 which can be the minimum target before larger pullback can be seen. Up from 3.19.2020 low, cycle from 4.22.2020 low is unfolding as a zigzag Elliott Wave structure where Wave (A) ended at 15.82 and wave (B) ended at 14.5. Near term, wave (C) remains in progress as 5 waves impulse Elliott Wave structure. Up from wave (B) low at 14.5, wave 1 ended at 15.5 and wave 2 pullback ended at 14.58. The metal then resumes higher in wave 3 towards 18.38, and wave 4 dips ended at 17.2.
In the 60 minutes chart below, we can see wave 4 pullback ended at 17.19 as a zigzag Elliott Wave structure. Down from wave 3 high at 18.38, wave ((a)) ended at 17.44, wave ((b)) ended at 17.85, and wave ((c)) ended at 17.19. Near term, while pullback stays above 17.19, expect the precious metal to extend higher. The metal still needs to break above wave 3 at 18.38 to avoid a double correction in wave 4.
Silver (XAG/USD) 30 Minutes Elliott Wave Chart
