Silver Price Going for $19 Before Retracing to $16

Elliott Wave analysis implies a bearish reversal in Silver near $19

What will Gold bring next week? That is the subject of discussion in our next EW PRO analysis due out late Sunday!

The price of silver, otherwise known as a safe-haven asset along with gold, crashed sharply as the coronavirus panic swept equity markets. XAGUSD fell to $11.64 on March 18th just as investors needed a refuge the most.

But the precious metal has appreciated significantly since the depths of the selloff. As of this writing, silver is hovering around $17.535 per ounce after reaching $18.39 on June 1st. Now, we think it is time to take a look at this recovery from an Elliott Wave perspective. The chart below shows what is likely to happen next.

Silver price to reach $19 before dropping to $16

Silver’s 4-hour chart reveals that the recovery from $11.64 is an almost complete five-wave impulse. “Almost”, because while we have waves 1 through 4 in place, wave 5 is still missing. The five sub-waves of the third wave are visible, as well.

The Elliott Wave theory states that a three-wave correction follows every impulse. If the count above is correct, we can expect one more push in wave 5 before the bears return. $19 an ounce seems like a reasonable target to the upside, while $16 makes sense once the retracement begins.

What will Gold bring next week? That is the subject of discussion in our next EW PRO analysis due out late Sunday!

New to Elliott Wave?

Elliott Wave principle offers a completely new understanding of what the nature of the markets is, what drives them and what can be derived from their movement. This course is for those of you, who have been looking for an honest Elliott Wave guide, describing the method’s advantages over other trading tools, but not hiding its weaknesses.

Check Video Course    or     Check our eBook


See our Video Course
or check our eBook

Last year over 60k readers trusted EWM Interactive to help them in their trading decisions.

I’m very happy i discovered your service. Thanks so much and keep up the good work!

- Xavier N.

Just loving your analysis. Thank you so much, really wished you add some more currencies to your list You have a client for life :)

- J. Kotzee

I love the way EWM does business: response times & overall friendly demeanor are fantastic... and the prices are very fair. The trade recommendations read like like they come from a seasoned trader that is used to winning. Couldn't ask for more.

- C. Montgomery

I love the way EWM does business: response times & overall friendly demeanor are fantastic... and the prices are very fair. The trade recommendations read like like they come from a seasoned trader that is used to winning. Couldn't ask for more.

- C. Montgomery

I’m very happy i discovered your service. Thanks so much and keep up the good work!

- C. Montgomery

Just loving your analysis. Thank you so much, really wished you add some more currencies to your list You have a client for life :)

- C. Montgomery