FX.co ★ Elliott wave analysis of Silver for June 15, 2021

Silver continues to hover just below key resistance at 29.86 and a break above here is needed to confirm the next impulsive rally higher towards the 2011 peak at 49.83 and ultimately above here too.

Short-term a intra day close above 28.32 will indicate that a firm test of key resistance at 29.86 is in the cards and a possible break above here too.

As long as minor resistance at 28.32 is able to cap the upside, we must accept more sideways trading, but the long-term trend is up and ultimately a break above 29.83 will be seen.

Trading recommendation:

Buy a break above minor resistance at 28.32 and more importantly a break above 29.86 for the next impulsive rally higher towards 49.83