FX.co ★ Elliott wave analysis of Silver for August 9, 2022

As we expected, silver has broken higher and should ideally continue to test resistance near 22.15 before a correction sets in towards 19.85. This correction should of course only be temporary. Once complete, the next impulsive rally towards strong resistance near 30. 00 should be seen. Ultimately, this resistance should be broken too for a rally towards the all-time high at 50.00.