FX.co ★ Elliott wave analysis of Silver for November 17, 2022

Silver completed an expanded ending diagonal with the test of 17.56 and is ready to rally higher in the weeks/months ahead. We are looking for resistance near 22.51 to reject the first attempt to break through as the cause for a temporary setback to support near 20.46. This price action will be followed by the next major rally higher towards 24.90. A break above the resistance line will call for a retest of strong resistance near 30. Only a clear break above here will open the upside for a stronger rally towards the all-time high at 50.00.