Alex Dudov
⬤ Silver is showing early signs its latest run from the November 21 low might be wrapping up, with the newest London update laying out how XAGUSD could hold steady during pullback phases. The chart shows a completed upward push followed by the start of a corrective move, though the bigger trend stays intact unless key breakdown levels get hit.
⬤ The Elliott Wave setup shows the first leg of a pullback marked as wave a, with projections for a deeper correction unfolding in 3, 7, or 11 swings. The outlook points to potential dips into the mid-$50s and lower-$50s zones, forming waves b and c in a standard pullback pattern. With the breakdown level sitting well below where prices are now, the analysis suggests XAG is still set up for more gains once this correction wraps up.
⬤ Market conditions keep showing strong momentum from the earlier buying wave, and the chart's "Right Side" marker backs the view that pullbacks are buying chances rather than trend breaks. The mapped-out path includes a near-term dip, then another leg higher after wave (y) finishes. The guidance makes it clear: "We Do Not Recommend Selling," driving home that the main expectation stays bullish as long as the structure doesn't break the risk lines.
⬤ This matters because Silver often drives sentiment across the precious metals space, especially when economic uncertainty picks up. If XAG finds buyers in the projected pullback zones, it could signal ongoing demand and keep bullish momentum rolling into the next phase, backing up the trend shown in the current Elliott Wave setup.
Alex Dudov
