Elliott wave analysis of Silver for April 14, 2021


Silver has broken out of the ending diagonal, but has not yet broken clearly above short-term key resistance in the 25.36 - 25.64 area. A break above here will confirm that wave 4/ completed at 23.78 and wave 5/ now is in motion for a strong rally higher towards the 2011 peak at 49.83 and ultimately we should see silver break above here too, but it will likely not be without a tough fight near long-term key resistance at 49.83.

For now, we should stay focused at short-term key-resistance at 25.64 and a break above here will call for a rally to resistance in the 29.80 - 30.10 area and above here, will really release a strong upside momentum towards 49.83.

Trading recommendation:

Buy a break above 25.64 for a surge to 30.10 and above here will call for a strong rally towards 49.83.

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