FX.co ★ Elliott wave analysis of Silver for August 5, 2022

Silver is lagging behind the rally in gold, but it should just be a matter of time before silver breaks higher too for a rally towards at least 21.26 and maybe even closer to 22.15. The rally could be interrupted by a setback towards 19.69.

In the longer term, we are looking for a rally towards the strong resistance at 30.00 and eventually a break above here that will open the way for a rally towards the all-time high at 50.00.