FX.co ★ Elliott wave analysis of Silver for May 10, 2022

Silver has tested support at 21.65 and could spike just below triggering sell-stops before turning higher through minor resistance at 23.27 confirming a corrective low is in place for the next rally towards the former high at 30.00. Ultimately we are looking for a continuation higher towards the all-time high at 50.00.

For now use a spike just below 21.42 or a break above 23.27 as signal that the ongoing correction is complete and and a new rally to 30.00 is developing.