The short‑term Elliott Wave view in Silver (XAGUSD) indicates that the metal is unfolding an impulsive structure from the July 17 low. From that level, wave ((i)) advanced to $60.93 before a corrective pullback in wave ((ii)) reached $56.54. Following this retracement, the market resumed higher in wave ((iii)), which developed as another impulse of lesser degree. Within this sequence, wave (i) ended at $62.9, while the subsequent dip in wave (ii) found support at $60.85. The rally in wave (iii) extended to $66.47, and the pullback in wave (iv) settled at $64.2. The final leg, wave (v), concluded at $66.8, thereby completing wave ((iii)) at a higher degree.
At present, the market is correcting in wave ((iv)), which is unfolding as a flat Elliott Wave structure. Down from the wave ((iii)) peak, wave (a) ended at $63.47, followed by a rally in wave (b) that reached $66.55. The decline in wave (c) is expected to terminate within the $61.1–$63.2 area. This zone should provide support for another leg higher or at least a three‑wave rally. In the near term, as long as the pivot at $56.6 low remains intact, the pullback is anticipated to complete in either three or seven swings. The overall structure suggests that Silver retains bullish potential once the correction in wave ((iv)) is finished.
Silver (XAG/USD) 60-minute Elliott Wave chart
XAG/USD Elliott Wave [Video]
