Usman Salis
Silver bulls might be getting ready to party. The precious metal is flashing some pretty compelling signals that suggest the recent correction could be over, and what comes next might surprise a lot of traders. Here's what the charts are telling us about silver's next big move.
Silver (XAG) Price Holds Key Bullish Zone
Silver is sitting pretty around the $38.69 level right now, and despite some choppy price action lately, the metal's showing impressive resilience. Market watchers have been glued to their screens, and there's good reason for the excitement.
The renowned analyst @ElliottForecast recently dropped some interesting insights, suggesting that Silver's Elliott Wave structure indicates the corrective phase is done and dusted. If they're right, we could be looking at the start of the next big impulse move higher. That's exactly the kind of setup that gets commodities traders fired up.
XAGUSD Price Analysis: Elliott Wave Supports Further Upside
Here's where things get technical but interesting. The Elliott Wave chart shows Silver has likely bottomed out around $37.21, which happened to align perfectly with a key validation level. Since then, XAGUSD has been quietly climbing and appears to be working its way through wave (iii), with sights set on the $39.20 area.
The crucial thing to remember is that this bullish outlook stays intact as long as price doesn't drop below $36.95 – that's the make-or-break level. Charts are practically screaming against selling right now, with momentum clearly favoring the bulls.
Looking ahead, traders are eyeing that $39.20 resistance level as the next major test. If silver can punch through there with conviction, we might see an even bigger rally unfold within this Elliott Wave cycle.
Commodities have been catching some serious momentum lately, and silver's definitely one of the standout performers. If this bullish structure holds together like analysts expect, XAGUSD could soon be testing much higher targets, confirming that we're in the early stages of a proper expansion phase.
Usman Salis
