Silver Can See More Gains After A Pullback

Silver has turned lower at start of the year but the drop from the high can be counted as a w-x-y correction that found support at 19.88.


Ideally, that was wave II on a daily chart where price is currently breaking the trendline resistance so it appears that uptrend resumption is here. In fact price action on 4h chart looks very bullish with higher highs and higher swing low formations. It's a strong recovery that looks impulsive, and it's already breaking 24.65 resistance. We are actually still tracking wave 3 of a five-wave bullish impulse that can be now slowing down within wave 4 correction which can retest broken 24.65 level as a support before the uptrend for wave 5 resumes. Any bigger decline decisively below 24 level would be signal for a completed 5th wave and higher degree corrective setback, but still within bullish trend.


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