Silver Completes Corrective Phase, Eyes Next Rally
Silver (XAGUSD) has hit a key turning point after dropping from its October 23, 2024 peak. This decline unfolded in three distinct swings, following a zigzag pattern known as an Elliott Wave structure. Starting from that high, the first drop (wave A) landed at 29.68, followed by a bounce (wave B) to 34.58. Then, the final slide (wave C) bottomed out at 28.328, as seen on the hourly chart. This marked the end of a larger correction phase, called wave (4).
Critical Fibonacci Support Zone Holds
Silver found its footing in a critical support zone between 24.86 and 28.56—a range calculated using Fibonacci tools, stretching 100% to 161.8% of the drop from the October high.
Bullish Wave (5) Potential Emerges
Now, silver is climbing again in what’s labeled wave (5). To confirm this upward trend, it needs to break past the prior peak of 34.86 from wave (3); otherwise, it might face another dip. Since bottoming out on April 7, 2025, at 28.328, silver rose to 30.81 (wave (i)), then eased back to 29.31 (wave (ii)). For now, as long as the 28.32 level holds firm, silver seems set to keep rising in the short term, offering hope for bullish traders.
XAGUSD 60-Minute Elliott Wave Technical Chart
Silver hourly chart showing completed correction and potential new bullish impulse
