Elliott wave analysis of Silver for May 31, 2021


Silver is ready to move higher to key-resistance seen at 29.86 and a break above here will open up for a continuation higher towards 49.89 in the month ahead. A failure to break above key resistance in this attempt, will call for a temporary set-back towards 26.46 before the next attempt to break above. Ultimately silver will break higher to rally towards the all-time high at 49.89.

Trading recommendation:

Buy silver for a rally towards 29.86 and ultimately a break above this key-resistance too for a rally towards 49.89.

The material has been provided by InstaForex Company - www.instaforex.com