Saad Ullah
Silver has been putting on quite a show lately, and it looks like the recent pullback might be over. After bouncing back from its correction, the precious metal is showing signs that it's ready to make another run higher. With key support levels holding firm and technical patterns suggesting the worst is behind us, silver could be gearing up for its next major move.
XAG Price Maintains Strength Above Key Supports
Silver is currently sitting around $40.80, holding up well after bouncing back from its recent dip. The technical picture suggests we've likely seen the end of the wave (iv) correction, which means there could be more upside ahead. The key thing to watch is that $37.21–$36.97 support zone – as long as silver stays above this area, the bulls are still in charge.
Top trader @ElliottForecast made it clear in his latest update that now isn't the time to bail on silver. His Elliott Wave analysis suggests the market is moving into a fresh upward phase that could push prices to new highs. Even if silver decides to correct again, he expects any pullback to stay within reasonable bounds, with the main trend still pointing up toward $41.00 and beyond.
Silver (XAG/USD) Price Levels to Watch
- Key Support: $37.21 down to $36.97
- Current Price: $40.80
- Next Hurdle: $41.00–$41.50
- Overall View: Bullish momentum expected to continue
The wave structure hints that silver might already be starting its next big push higher, which could take prices to fresh cycle highs if everything falls into place.
With the corrective wave likely finished, silver is looking pretty good for another rally. As long as it doesn't drop below $36.97, the technical setup keeps favoring higher prices. Keep an eye on that $41.50 level and above – silver's next big move could be just getting started.
Saad Ullah
