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More Upside Likely For Gold And Silver

Published 10/25/2021, 07:15 AM
Updated 07/09/2023, 06:31 AM
  • Precious metals are trading higher.
  • Gold could move above 1836.
  • Silver could surge as well.

Gold Under Bullish Pressure

Gold has been trying to make higher highs and higher lows since the end of September, but the structure is overlapping. 

So, since the start of September, the price action can be a triangle in B) with more upside to come after completion. We think the metal could move above 1836.

Gold Elliott Wave analysis.

Silver on the Cusp of a Breakout

Silver is recovering in the 4-hour chart, with an extended leg from 22.16 up to 24.83 resistance. This could be wave three, as this one is usually the most decisive leg.

We think that bottom is forming on silver and that more upsides will come after any pullbacks.

On the daily chart, we see a breakout of the wedge pattern. Support lies around 23.50-23.90.
Silver Elliott Wave analysis chart.

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