Saad Ullah
⬤ Silver prices are holding steady above an important support zone, keeping the bullish outlook alive based on Elliott Wave analysis. The metal is expected to maintain support in a 3, 7, 11 swing pattern as long as it doesn't drop below the $60.7 mark. Recent price action shows silver maintaining its technical structure through both rallies and pullbacks.
⬤ The Elliott Wave count shows silver moving through several labeled waves while respecting critical support boundaries. After pushing higher, the price corrected but stayed above the key $60.7 invalidation point. Breaking below this level would disrupt the current bullish pattern, which is why traders are watching it closely.
⬤ Right now, silver is trading above $66, consolidating after recent gains. The wave structure suggests the market is still in development rather than wrapping up its move. As one analyst noted, "Selling is not recommended within the current structure" - indicating that recent dips are just temporary pauses, not signs of a trend shift.
⬤ This setup carries weight because silver often mirrors both technical momentum and real demand patterns. Staying above $60.7 keeps the Elliott Wave framework valid and supports the idea that the uptrend is still in play. As long as this floor holds, traders are focused on structure continuation rather than breakdown risk.
Saad Ullah
