FX.co ★ Elliott wave analysis of Silver for August 1, 2022

Silver has been rejected nicely from the support area between 18.42 - 18.97 and is now heading higher towards strong resistance near 30.00. On the way higher, we should expect solid resistance at near 21.70. Once it is overcome, we will a nice rally towards 30.00 and ultimately above here too for a rally towards the all-time high at 50.00.

Short-term we see support at 19.48 and strong support at 18.33. The latter should be able to hold for the expected rally higher.