Silver – Weekly Analysis

CANDLES:

This week, silver shook off a bearish threat, reversing the 8/20 EMA to bullish, forming Three White Soldiers on the daily, and printing a Bullish Engulfing on the weekly. If momentum holds, the 8D Dark Cloud Cover could also be reversed next week. For now, the trends are bullish.

However, the MACD is flashing a cautionary signal. There’s a high risk of a bearish cross forming on the 3D frame, which could increase bearish odds for the mid-term outlook. The last three such crosses have led to significant pullbacks. Adding July’s monthly candle into the mix only elevates those risks further. The 3D candle closes on Tuesday—and it’s definitely one to watch.

Elliott Waves

Long Term

No change to the long-term outlook. Silver has reached the target zone and could trigger a reversal signal at any moment.

Mid Term

The entire wave up that started in September 2022 may now be complete. A typical retracement for a structure of this magnitude would fall within the 38–62% range.

Silver has formed an interesting wave at the micro level. It could be interpreted as an impulsive wave (i) in green, but it can also be viewed as a zigzag for wave (b) in blue. At this stage, the green count holds slightly better odds.

SUMMARY

Silver recovered from last week’s bearish signals and may have laid the foundation for a rally. However, some mid-term technicals continue to point stubbornly toward a potential pullback in the near term. The immediate odds are bullish, but the risk of reversal has increased.