Spot Silver (XAGUSD) continues to display a constructive technical outlook, suggesting that the metal is preparing to challenge new all‑time highs. The short‑term structure from the 28 October low has unfolded as a five‑wave impulse, reinforcing the bullish trajectory. Wave 1 of this sequence concluded at $54.39, as indicated on the one‑hour chart. Following this peak, the market experienced a corrective pullback in wave 2, which developed into a classic zigzag Elliott Wave formation. Within this correction, wave ((a)) terminated at $49.33. Wave ((b)) rallied to $52.46, and wave ((c)) declined to $48.6 low. Thereby completing wave 2 at a higher degree.
From that low, silver has resumed its upward momentum in wave 3. However, a decisive break above the prior wave 1 high at $54.39 remains necessary to eliminate the possibility of a double correction. Progressing from wave 2, wave (i) ended at $50.66, while the subsequent pullback in wave (ii) found support at $49.69. The current expectation is for the metal to extend higher in wave (iii). After which a modest retracement in wave (iv) should occur before another advance resumes. In the near term, as long as the pivot at $48.6 holds firm, dips are anticipated to attract buyers. Support is likely to emerge in the form of three, seven, or eleven swings, providing the foundation for continued upside potential. This structure underscores the resilience of silver’s bullish cycle and highlights the importance of maintaining key pivots to sustain momentum.
XAGUSD 1-Hour Elliott Wave Chart From 11.27.2025
