FX.co ★ Elliott wave analysis of Silver for October 1, 2021

Silver has been trading sideways for 13 months now and in that time we have seen a lot of bullish views on silver and we are in that camp too and we still are in that camp. what we think is important for our bullish view is, that the long-term cycle just have bottomed and will start to force silver higher. The 13 months sideways trading has worn most trades tired and they no longer seems interested in silver or gold for that matter. We have seen silver break just below the support at 21.65 causing a lot of stop-loss triggered in a classic dump and pump by the major players and silver is now ready to push higher again.

We would like to see a break above minor resistance at 23.14 and more important a break above resistance at 24.87 as confirmation, that a long-term bottom is in place and a new impulsive rally is unfolding to above 29.86 towards the all-time near 50