FX.co ★ Elliott wave analysis of Silver for June 14, 2023

Silver is ready for the next impulsive rally to take out strong resistance at 30.00. In the short term, we would like to see support at 23.30 act as a floor for the next move above minor resistance at 24.52 confirming that wave iii is in motion for a firm test of strong resistance at 30.00. Ultimately, strong resistance at 30.00 should be broken. Once it happens, the next major target will be the all-time high at 50.00.

Only an unexpected break below support at 22.68 will extend wave ii closer to support at 22.26, but such a continuation of wave ii should be short-lived.