The short-term Elliott Wave view in Silver (XAGUSD) indicates that the rally from the February 6, 2026 low is unfolding as a five-wave diagonal structure. From that low, wave (1) concluded at $84.02, followed by a corrective pullback in wave (2) that ended at $71.90. The metal then resumed its upward trajectory in wave (3) towards $96.39 which developed with internal subdivision into another five-wave sequence. Afterward, wave (4) unfolded as a double three corrective pattern and terminated at $77.92. Silver has since turned higher, initiating wave (5).
From the wave (4) low, wave 1 advanced to $86.81, and wave 2 pulled back to $79.59. The structure suggests that, as long as the pivot at $71.93 remains intact, Silver is positioned to extend higher in the near term. The projected target for wave (5) lies within the 123.6% to 161.8% inverse retracement of wave (4). This range corresponds to $100.60–$107.70, offering a clear zone of potential resistance and completion for the current diagonal.
This outlook highlights the maturity of the ongoing cycle and underscores the importance of the $71.93 pivot. As long as that level holds, the bias remains constructive, with Silver expected to continue its advance toward the defined target zone
