FX.co ★ Elliott wave analysis of Silver for August 20, 2022

Silver is once again testing the support area between 18.72 and 18.95. We expect that support at 18.72 will be able to protect the downside for a break above minor resistance at 19.43 for a confirmation that wave 2 has completed and wave 3 is unfolding towards at least 26.40 and ultimately towards the strong resistance at 30.00.

Only an unexpected break below the short-term key support at 18.72 will invalidate our bullish count for silver and call for a move closer to support at 17.44 before moving higher again.