FX.co ★ Elliott wave analysis of Silver for September 20, 2023

After five months of consolidation, silver is ready to resume the underlying uptrend for a break above resistance at 23.47 and more importantly, a break above resistance at 25.00 for a rally towards strong resistance near 30.00. Ultimately we expect resistance at 30.00 to be broken too, which will open the way for a rally towards the all-time high at 50.00. But for now we should concentrate on minor resistance at 23.47 as the first minor resistance to be broken to confirm that wave ii has been completed and a new impulsive rally is unfolding.