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EW Analysis: Silver Is Pointing Towards 2019 Highs

Education
OANDA:XAUXAG   Gold/Silver
Hello traders!
Today we will talk about Silver and its price action from Elliott Wave perspective.

Metals are in an impulsive rally, especially Gold , but since March, Silver is doing much better if we take a look at the GOLD/SILVER ratio , which is now turning bearish and there's actually room for more weakness after recent corrective slow down. So, it means that Silver may continue to work better than Gold .

Silver is in the strong uptrend from the beginning of March and it's ideally unfolding a five-wave cycle back to the 2019 highs, so current slow down can be just a temporary correction in wave 4 before we may see another leg to the upside, probably final 5th wave that can send the price up to 19 area.

In the 4-hour chart we are currently tracking a bullish triangle within wave 4 that can be approaching the end soon, so a rise into a 5th wave can be around the corner.

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Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
Comment: $Silver $XAGUSD is coming into projected and important target area around 2019 highs. Carefully at this stage. #elliottwave
Comment: $Silver $XAGUSD hit 2019 highs as expected, clearly within a five-wave cycle, so be aware of a corrective slow down soon. #elliottwave
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