Silver Elliott Wave Analysis: Bullish Outlook Amid August Volatility

Silver has shown a mixed performance throughout August. The commodity initially dropped nearly 3% during the first week but quickly rebounded, gaining over $3.2 from a low just above $26.5. As the month progresses, Silver has managed a modest net gain, setting up potential rallies as we approach September.

Silver Elliott Wave Technical Analysis

Silver Daily Chart Analysis

The daily chart indicates that Silver completed an impulsive wave sequence, labeled as wave A (circled), which started in January 2024 and ended in May 2024. This upward move was followed by a corrective pullback, labeled as wave B (circled), marking a temporary pause in the broader bullish trend. The wave B (circled) pullback seems to have taken the form of a double zigzag pattern, which suggests that the correction is nearing its conclusion.

With the completion of wave B (circled), the market is now likely entering wave C (circled), which is expected to be an impulse wave similar to wave A (circled). This wave C (circled) could drive prices above the $36 level. The initial leg of this upward movement, labeled wave (1), is currently in its final stages and is expected to complete around the $30 mark.

Silver-XAGUSD-Commod...

Silver H4 Chart Analysis

The 4-hour chart provides a closer look at the current wave structure. Wave (1) is unfolding as an impulse wave, with the market now advancing in wave 5 of (1). This wave 5 could push prices above the $30 threshold, potentially reaching as high as $30.5. However, traders should be aware that a corrective pullback in wave (2) is likely to follow once wave (1) concludes.

Despite the anticipated short-term corrections, the overall outlook for Silver remains bullish, with the price favoring a move toward $36 in the longer term. Along the way, two significant pullbacks are expected, offering traders opportunities to buy the dips after confirming the end of each correction.

Technical Analyst: Sanmi Adeagbo

Source: visit Tradinglounge.com and learn From the Experts Join TradingLounge Here 

See Previous: Gold Elliott Wave Technical Analysis

Special Trial Offer - 0.76 Cents a Day for 3 Months! Click here

Access 7 Analysts Over 200 Markets Covered. Chat Room With Support

Silver-XAGUSD-Commod...

In summary, while Silver may see some volatility and corrective moves in the near term, the broader trend remains upward. Traders should stay alert for potential entry points during the expected pullbacks, as the commodity remains well-positioned for a continued rally toward higher levels.

Related

Elliott Wave Analysis for JP Morgan & Chase Co. (JPM), Focusing on Both Saily and 1-Hour Charts, Highlights Key Trading Levels

Elliott Wave Analysis for JP Morgan & Chase Co. (JPM), Focusing on Both Saily and 1-Hour Charts, Highlights Key Trading Levels

This article provides a comprehensive Elliott Wave analysis for JP Morgan & Chase Co. (JPM), focusin...

Read More >
NEE Stocks Elliott Wave Technical Analysis: NextEra Energy Inc. (NEE) Stock Analysis & Strategic Forecast

NEE Stocks Elliott Wave Technical Analysis: NextEra Energy Inc. (NEE) Stock Analysis & Strategic Forecast

This article offers an in-depth Elliott Wave analysis of NextEra Energy Inc. (NEE), breaking down bo...

Read More >
Unlocking ASX Trading Success: Santos Limited (STO) Stock Analysis & Elliott Wave Technical Forecast

Unlocking ASX Trading Success: Santos Limited (STO) Stock Analysis & Elliott Wave Technical Forecast

Dive into the ASX market with Santos Limited (STO) stock analysis and Elliott Wave forecast. Stay ah...

Read More >
Capitalize on this with our Detailed Bitcoin Trading Strategy and Crypto Price News: BTCUSD Elliott Wave Technical Analysis

Capitalize on this with our Detailed Bitcoin Trading Strategy and Crypto Price News: BTCUSD Elliott Wave Technical Analysis

In this analysis, we dive deep into BTCUSD Elliott Wave trends to understand Bitcoin's price mov...

Read More >
VeChain (VET) Elliott Wave Analysis Reveals Key Price Predictions and Strategic Trading Opportunities for Crypto Enthusiasts

VeChain (VET) Elliott Wave Analysis Reveals Key Price Predictions and Strategic Trading Opportunities for Crypto Enthusiasts

This article provides an in-depth Elliott Wave analysis of VeChain (VET), highlighting current marke...

Read More >
Get expert predictions on natural gas price direction: Natural Gas Commodity Elliottwave Technical Analysis

Get expert predictions on natural gas price direction: Natural Gas Commodity Elliottwave Technical Analysis

This article analyses natural gas prices using Elliott Wave Theory, exploring the current bullish co...

Read More >

$1 for 2 Weeks

then $29 a month!

What a Special Offer!

Trade Recommendations

Unleash the power of deversified trading with our comprehensive portfolio, covering 250+ markets:

  • Stock Trades
  • Crypto Trades
  • Forex Trades
  • Commodity Trades
Elliott Wave Analysis

Gain a competitive edge with expert insights and AI-powered Elliott Wave charting into:

  • Global Indices
  • US Stocks & ASX Stocks
  • Forex & Crypto
  • Commodities
Top-Notch Trading Tools

Equip yourself with the tools of success:

  • Real-time Chat rooms
  • Elliott Wave Algorithm
  • Portfolio tools
  • TradingLevels
  • Screener
  • Trading Game
7 Elliott Wave Analysts

Stay ahead of the market with daily charts and insightful videos
Your secret to strategic trading!

JOIN HERE


Welcome to TradingLounge (ASIC A.R.No. 321187), specialists in trades, trading education and technical analysis, covering stocks, indices, commodities, forex and cryptocurrencies.

When you join TradingLounge you have access to everything we offer, including trade tools, educational content and a social platform to chat with like-minded investors.

Read more

@Copyright 2024 by tradinglounge.com

Contact Us

Australian no: 02 4787 6020

International no: +61 (2) 47876020

Pay with:

Find us on