Silver (XAGUSD): Anticipating a correction after new local highsTwo out of our three Silver positions remain active, with Silver reaching a remarkable high near $35. Today, we decided to fully close our second position, locking in substantial gains. The first position, initiated at $26.30, will remain open with a stop loss placed slightly below $26, aligning with the high-timeframe support and wave 1 level.
Given current analysis, a correction in Silver may be on the horizon after reaching the minimum target for wave 3. With increased Treasury yields and some profit-taking, Silver could face resistance in climbing further, especially considering the upward trend in yields.
While we cannot predict the exact speed of this potential downturn, if it unfolds as expected, we’ll look to re-enter with Silver certificates around the $30 to $28.30 range. The ideal correction would see a pullback toward the volume range high and a subsequent bounce within the 61.8%-78.6% Fibonacci zone, which we’ll confirm once wave ((a)) is established. Stay patient and focused, as volatility is expected to rise with the upcoming presidential elections.
