Alex Dudov
⬤ Silver (XAGUSD) is catching its breath after a powerful run that took prices into the mid-$60 area. The metal is now pulling back, but the structure suggests this is more of a pause than a reversal. According to Elliott Wave analysis, silver appears to be retracing after completing an impulsive wave sequence, which typically sets up another leg higher rather than marking the end of the trend.
⬤ The technical picture shows silver rallying hard before topping out near recent highs, then entering a controlled decline that's being treated as a corrective phase. The key detail here is the invalidation level sitting near $56—as long as silver stays above that floor, the larger uptrend remains intact. So far, the pullback has been orderly, with price holding well above critical support and maintaining higher lows compared to earlier rally stages.
⬤ What makes this consolidation interesting is how clean it looks structurally. The current move lower fits the profile of a corrective wave rather than a breakdown, suggesting silver is just digesting recent gains before potentially resuming its climb. There's been no collapse through support levels, and the price action remains measured despite some near-term choppiness. This type of behavior is pretty normal after extended rallies—markets need time to reset before the next push.
⬤ Silver's dual role as both a precious metal and industrial commodity makes this consolidation worth watching across the broader market. A healthy pullback after a strong rally usually signals strength rather than exhaustion. How this phase resolves could shape sentiment across precious metals and influence whether the momentum behind silver's recent surge has staying power or needs more time to build.
Alex Dudov
