Is Silver Set to Surge? Expert Analysis Reveals Potential Bullish Reversal
Silver has experienced a slowdown in the past three months, but a recent drop on the 4-hour time frame is showing three waves A-B-C, indicating a corrective decline within a higher degree wave IV. The price is now approaching a strong support area at 26.50 – 26.00, potentially finishing the final subwave (5) of C.
If we see a sharp or five-wave impulsive recovery above 29.22, it could be the first bullish evidence level, signaling a possible move back to previous highs for wave V. Intraday analysis also suggests a spike into the final wave 5 of a lower degree impulse within wave (5) of C, hinting at a bullish reversal. However, confirmation will require a sharp or impulsive recovery.
In conclusion, the current technical analysis points towards a potential bullish reversal in silver prices. Investors should keep a close eye on key support levels and watch for signs of a strong recovery to confirm the upward trend. Stay tuned for further updates on silver’s price movements.