Silver Price Analysis: Consolidating within up leg of price pattern

Jul 9, 2024 1:35 PM

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Silver is consolidating within the third and final up leg of a price pattern.
The price will probably continue up to a target in the upper $32.00s.
Silver has broken out of a falling channel and above a four-year resistance level.

Silver (XAG/USD) consolidates after breaking out of a falling channel and above a four-year old resistance level. It is probably in the process of rising up in the final wave C of a three-wave Measured Move (MM), with a final price target substantially higher than the current market level.

Silver Daily Chart

MMs are like large zig-zags composed of three waves, sometimes labeled A,B and C.

Wave C will probably reach the 0.618 extrapolation of wave A at $32.75, as a minimum expectation. If wave C is the same length as A – as is often the case – then it could reach $35.00.

A break above $31.49 would provide confirmation of the next leg higher.

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