Silver Elliott Wave Technical Analysis – 2025 Update

Silver prices are rebounding from the December 2024 low, marking a potential end to the corrective phase that started in October 2024. However, the metal is now approaching a key resistance zone near the highs of December 9-12. This level may trigger a significant pullback, but the broader bullish trend remains intact.

Silver (XAGUSD) Commodity Daily Chart Analysis

Following a prolonged bearish cycle from April 2011 to March 2020, Silver has been in a recovery phase for nearly four years. The question remains: will this uptrend complete a 5-wave Elliott Wave structure or settle as a 3-wave corrective move?

• Based on Elliott Wave projections, Silver prices are likely to extend towards the $37.4 – $44.09 range.
• The current structure places Silver in wave ((C)) or ((3)) on the daily chart.
• Sub-wave (1) of ((C))/((3)) has been completed, while wave (2) ended in December 2024, setting the stage for the ongoing wave (3) rally.
• As long as $28.7 holds, this bullish wave count remains valid. A breach below this level would indicate an extended correction within wave (2).

Silver (XAGUSD) Commodity H4 Chart Analysis

On the 4-hour chart, Silver is advancing in wave ((iii)) of 1 of (3), reinforcing the ongoing uptrend.

• Wave ((iii)) could extend towards $32.75 – $33.26 before a pullback for wave ((iv)) occurs.
• While there is still some risk of wave (2) extending lower, recent price action favors continued bullish momentum along the wave (3) trajectory.

Traders should watch key support levels and price action near resistance zones to confirm further upside potential.

Technical Analyst: Sanmi Adeagbo

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