Elliott wave analysis of Silver for April 21, 2021

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Silver has cleared minor resistance at 25.64 indicating that wave ii has completed and wave iii now is in motion for a rally to 30.06 and 33.30 as the next upside target. In the long term, we are looking for a rally towards the 2011 peak at 49.78 and ultimately above here too. However, not before we see a more prolonged consolidation below 49.78.

Support is now seen at 25.64 with key-support seen at 24.71. A break back below 24.71 will reinstate wave ii for a dip below 23.78, but the downside potential will be very limited.

Trading recommendation:

Buy silver near 25.64 or upon a break above 26.63 for a rally towards 30.06 and ultimately a lot higher.

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

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