Silver – Road Map
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:
Today, silver was rejected at multiple resistance lines and continued to build a consolidative structure. Bearish momentum is building, and the metal formed a Tower Top on the 3D frame, as expected. Now it has high odds of forming 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 (iv) and is riding wave (v), getting closer to completing an impulse of higher degree. If the impulse completes, it would be wave A or wave 1 of an even larger correction. Given the current structure, silver needs a new lower low to consider the impulse complete.
As for SLV, it is closely aligned with silver and also closed today with a bearish bias into tomorrow.
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