Silver (XAGUSD): From Rise to Expected Downturn—What's Next?
Following a rapid rise to $30, silver has seen a swift decline, indicating a completion of the minor Wave (iii) of Wave ((iii)) just above the 461.8% level. We've exceeded this level, so we need to consider potential deviations from ideal models to navigate the market effectively.
We anticipate the downturn to continue and expect to find support between the 38.2% and 61.8% Fibonacci levels. This could set the stage for a rebound above the $30 mark, potentially reaching between $33.78 to a high of $46, although the upper range is quite optimistic.
Trading volume is expected to provide significant support, helping to sustain Wave (iv) within a price range of $26.32 to $24.65.
We anticipate the downturn to continue and expect to find support between the 38.2% and 61.8% Fibonacci levels. This could set the stage for a rebound above the $30 mark, potentially reaching between $33.78 to a high of $46, although the upper range is quite optimistic.
Trading volume is expected to provide significant support, helping to sustain Wave (iv) within a price range of $26.32 to $24.65.
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Publicaciones relacionadas
Exención de responsabilidad
La información y las publicaciones no constituyen, ni deben considerarse como, asesoramiento o recomendaciones financieras, de inversión, de trading u otro tipo, proporcionadas o respaldadas por TradingView. Obtenga más información en Condiciones de uso.