Image Source: Pixabay
 

Finally, silver is breaking to the upside out of that April–May consolidation that we've been tracking over the last few weeks. So far, we can see a very nice push above the 33.70 resistance, and since the market closed well above that level, it just confirms that bulls are strong and likely to remain in control after any near-term dips. Ideally, we are now in the third leg of recovery within five-wave bullish impulse, so after so after recent retracement we are now expecting more upside, up to around 37.50/38. 

XAGUSD 4H Chart

Basic impulsive bullish pattern shows that silver can be trading in subwave 3 of (3), so more upside is expected until it fully completes a five-wave bullish impulse.

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