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Silver Price Going for $19 Before Retracing to $16

What will Gold bring next? That is the subject of discussion in our latest premium analysis! Order and receive TODAY!

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? That is the subject of discussion in our latest premium analysis! Order and receive TODAY!



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