Silver (XAGUSD) shows a higher high sequence from 6.15.2020 low favoring further upside. Up from 6.15.2020 low, the metal extended higher in wave 1 as 5 waves impulse Elliott Wave Structure. The rally in wave 1 ended at 18.07 high. From there, the metal did a pullback in wave 2, which unfolded as a zigzag Elliott Wave structure. Wave ((a)) ended at 17.80 low and the bounce in wave ((b)) ended at 17.99 high. Silver then declined lower and ended wave ((c)) of 2 at 17.34 low.
Afterwards, the metal continues to extend higher. It has already broken above the previous wave 1 high, confirming the next leg higher is in progress. From wave 2 low, wave ((i)) ended at 17.96 high. Wave ((ii)) pullback then ended at 17.66 low. Currently wave ((iii)) is in progress. Wave (i) of ((iii)) ended at 17.89 high and wave (ii) pullback ended at 17.76 low. From there, the metal resume higher in wave (iii), which ended at 18.24 high. The pullback in wave (iv) is proposed complete at 18.10 low. Near term, while pullback stays above 17.34 low, expect the dips in 3,7, or 11 swings to find support and silver to continue to extend higher.
Silver (XAGUSD) 1 Hour Elliott Wave Chart
