FX.co ★ Elliott wave analysis of Silver for July 17, 2023

Silver corrected 61.8% of wave i and is now ready for the next impulsive rally in wave iii towards the long-term resistance at 30.00. We have already seen resistance at 24.35 broken confirming that wave ii was completed with the test of the 61.8% corrective target at 22.23. So, renewed upside pressure should be expected in the weeks/months ahead.

In the longer term, we expect strong resistance at 30. 00 to be broken too for a continuation towards the all-time high near 50.00, but for now we will focus on the expected rally towards 30.00.