Silver Is Looking To Retest The May Highs

31 Jul 2023

Silver has turned lower at the start of the year but drop from the high unfolded as a sharp correction that found support at 19.88, ideally, it was wave 2 as shown on a daily chart, as part of a new bullish trend possibly with a leading diagonal where overlaps are allowed. So, if we are correct then the price maybe completed a pullback in wave four after a nice turn-up this month, with price breaking higher into wave 3 after push out of a base channel. So ideally, a WXY correction is finished and new impulse underway that can retest the May highs. As such, be aware of more upside for wave "v" of 3 after recent corrective subwave "iv" pullback.