Usman Salis
After weeks of waiting, silver traders finally got the move they were looking for. The clean reaction from this $28.30–$28.50 area signals that the bullish structure is alive and well, and according to the analysts, long positions are now in "risk-free" territory. It's the kind of setup that makes Elliott Wave enthusiasts nod in approval—price moved exactly where the model said it would.
The Technical Setup
The metal executed a textbook rebound from its Elliott Wave Blue Box—a high-probability reversal zone that's been on Elliott Forecast's radar for some time.
Silver's bounce from the Blue Box has played out in classic Elliott Wave fashion:
- "Right Side Up" signal triggered at $28.34, marking the start of the bullish bias
- Five-wave impulse followed, pushing price past the $47.38 Fibonacci projection
- Rally peaked near $54.29, hitting the 1.618 extension—a textbook Elliott target
- Current support sits around $44–$46, with deeper pullbacks likely finding buyers at $40–$42
The chart labels this zone as "We Do Not Recommend Selling," reinforcing the long-term bullish view. As long as silver holds above the $28 invalidation level, the uptrend stays intact.
Why Silver's Moving
It's not just the technicals. Silver's getting a boost from both industrial demand and macro trends. Its role in solar panels, batteries, and semiconductors is driving interest as clean energy expands globally. At the same time, expectations of potential rate cuts in 2025 are making non-yielding assets like precious metals more attractive. Add it all up, and you've got strong technical and fundamental tailwinds pushing silver higher.
Usman Salis
