FX.co ★ Elliott wave analysis of Silver for June 28, 2022

Silver has likely seen a bottom for wave C at 20.46 and should be ready for a rally towards strong resistance near 30.00. Ultimately, resistance at 30.00 will be broken too for a continuation towards the all-time high level at 50.00 and likely above here too.

In the short term, we need a break above minor resistance at 21.96 to confirm the expected rally to 30.00 and above. That said, we also have to accept that as long as minor resistance at 21.96 is able to cap the upside, we could see silver dip just below 20.46 in the pump and dump action, which forces the weak hands out of silver before the real rally higher to 30.00 takes hold.