Silver (XAGUSD) has been showing signs of a rally in an impulsive structure from the low on 10.3.2023. This indicates a bullish momentum in the short term. Wave (1) ended at 25.91, followed by dips in wave (2) that ended at 21.94. The metal then surged higher in wave (3) towards 29.79, showcasing a positive trend.
Current Wave Movements
After a pullback in wave (4) that ended at 26.02, the metal has continued its upward trajectory in wave (5). The internal subdivision of wave (5) reveals a 5-wave impulse Elliott Wave structure, which is indicative of strong bullish sentiment. The recent movements show wave ((i)) ending at 27.51, with a pullback in wave ((ii)) ending at 26.99. Subsequently, Silver surged higher in wave ((iii)) towards 28.76, with a corrective pullback in wave ((iv)) at 27.94. The metal extended its rally in wave ((v)), signaling a bullish trend.
Future Expectations
Looking ahead, the metal is expected to continue higher to complete wave (v) of ((v)) of 1. Following this, a pullback in wave 2 is anticipated to correct the cycle from the low on 5.2.2024 before resuming its upward trajectory. In the near term, as long as the pivot at 26.02 remains intact, any pullback is likely to find support in the 3, 7, 11 swing for further upside potential.
Overall, the analysis of the Short Term Elliott Wave in Silver (XAGUSD) suggests a bullish outlook with strong impulsive movements indicating a positive trend. Traders and investors are advised to monitor the key levels and pivot points for potential entry and exit points in line with the wave structures discussed above. It is essential to stay vigilant and adapt to changing market conditions to capitalize on the opportunities presented by these wave movements in the silver market.