Silver – Daily Update
Silver price barely dipped today after an 11% plunge—breather or launchpad? In this daily silver technical analysis (XAGUSD, silver futures, SLV), we break down the candlestick structure, support/resistance, EMA/MACD momentum, and Elliott Wave context to determine whether this is a bearish continuation or the start of a bottoming setup. Read on for the short-term and weekly silver outlook, key invalidation levels, and the risk/reward map for the next move.
CANDLES:
With today’s daily candle, silver confirmed a loss of the 20 EMA. Momentum is building, and the metal has a good chance to form a Tower Top on the 3D frame tomorrow and seal it with a Bearish Engulfing on Friday.
Silver is strongly bearish short term and is likely to flip the mid-term next.
Elliott Waves
Last Wave – Micro
Silver has possibly completed wave (iii) and is forming wave (iv), which looks corrective so far. If the metal does not break the $49.660 level and makes a new lower low with an impulsive or diagonal wave, an impulse of a higher degree will be complete, and we will start planning the next phase of a bear market.
As for SLV, it is closely aligned with silver and is likely forming a shallow flag for wave (iv).
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