Silver: Minimum Target Is $38

Silver, a precious metal that is now in the spotlight of the financial markets in anticipation of a surge in price.

Our Elliott Wave analysis agrees with this possibility, here's why:

• Taking a look at the 'big picture' of Silver, it's likely that Silver is underway of a larger degree ABC correction, also know as a zigzag pattern.
  
• If we are indeed dealing with a zigzag pattern, then it's likely to expect the price of Silver to rise to at least 38.77 (61.80% of Wave A), as Wave C of a zigzag = 61.8%, 100%, or 123.6% of wave A.
  
• In the short term, our focus is on the 61.80% Fibonacci retracement of Wave I at 25.57, this is the likely support of Silver before the continuation to the upside.
  
• This bullish setup remains valid so long as Silver remains above 23.78.
  

Overall, a very interesting setup that is worth considering as a long-term trade.

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