FX.co ★ Elliott wave analysis of Silver for May 7, 2021

Silver is on the move again, after a short consolidation period silver is set to move higher towards the next minor resistance at 28.32 and then the key-resistance at 30.09 and a break above here will open up the upside for a rally back to the all-time high at 49.83.

Ideally minor support at 26.09 should act as a floor, but a break below here will call for a dip to 24.78 before renewed upside pressure.

Trading recommendation:

Buy silver and place you stop at 26.05