Silver came sharply down in November, from 25.40 resistance area, so it appears that metal is in a higher degree three-wave drop. Ideally, it will be an A)-B)-C) the decline that belongs to the fifth wave of an ending diagonal, so be aware of more weakness after current rally within wave B) that is already back at 23.25-23.70 resistance area. Drop below 22.14 makes room for a final leg to 21-20 area where we will expect a price stabilization; ideally at the start of 2022.
Image Source: Pixabay
Silver 4h Elliott Wave analysis
(Click on image to enlarge)
From a technical analysis approach, Silver forms shooting star candlestick pattern at 0.50 important Fibonacci retracement level of November 21 highs to December 21 lows points that white metal is under downside pressure.
Silver Daily Chart Analysis
(Click on image to enlarge)
Comments
Log in or sign up to join the conversation.