Peter Smith
Silver (XAG/USD) continues its bullish momentum, recently touching the $39 mark before showing signs of a healthy pullback. The price action follows a textbook Elliott Wave pattern, with a potential Wave 4 correction in progress and Wave 5 targeting new highs.
Wave 4 Pullback Could Offer Buying Opportunity
Technical analysis suggests that Silver (XAG/USD) has completed its Wave 3 after reaching $39.47. The market is now expected to enter Wave 4, which typically retraces part of the previous move. Analysts are watching the $36.14 area as a potential support zone for this correction.
If this zone holds, it could serve as a launchpad for the final leg of the five-wave structure, opening the path to higher levels.
Silver Price Eyes $40.47 as Final Target
If the bullish pattern continues, the next target for Silver (XAG/USD) lies near $40.47. The chart shows clear wave labeling, supporting the case for further upside after the Wave 4 dip.
With silver gaining strength amid global market uncertainty and increasing demand for safe-haven assets, technicals suggest this could be more than just a short-term rally.
Peter Smith
