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Elliott wave analysis of silver, October 27, 2021


Silver met resistance at 24.87. It is likely to reach a 61.8% correction to 22.73 before the next impulsive rally higher to the resistance-line near 26.05. Ultimately, we should see a break above here to confirm that wave 2 completed with the test of 21.43 and a new rally to re-test the former high near 30.00. In the long term, silver may rise to the all-time high near 50.

The material has been provided by InstaForex Company -