- Silver is consolidating within the third and final bullish leg of a price pattern.
- The price is likely to continue rising above $32.00.
- Silver has broken out of a descending channel and above a four-year resistance level.
The Silver (XAG/USD) is consolidating after breaking out of a descending channel and above a four-year resistance level. It is likely in the process of moving up in the final wave C of a three-wave measured move (MM), with a final price target substantially higher than the current market level.
Silver Daily Chart
MMs are like large zigzags made up of three waves, sometimes labeled A, B, and C.
Wave C will likely reach the 0.618 extrapolation of wave A at $32.75, as a minimum expectation. If wave C is the same length as A, as is usually the case, then it could reach $35.00.
A break above $31.49 would provide confirmation of the next bullish leg.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
