MCX Silver Elliott Wave Forecast

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MCX Silver daily continuous chart

MCX Silver hourly continuous chart

From daily chart, silver is all set to cross its previous high as higher highs and higher lows are intact and prices continue to trade above the rising trend line, all these factors suggest that the bullion is positively poised. However, daily RSI is near to the overbought zone.

As per hourly chart, prices are moving higher in a rising channel where resilience was from the lower end of the channel and is now poised to make a new high. Hourly RSI suggest that there is still room for some upside.

From Wave theory, after forming flat pattern in wave iv of wave v of one higher degree, prices are now set to move up in form of wave v of wave v. This wave v can be 38.2% or 68.2% of wave i to wave ii. So it is expected that silver will reach till 53600 levels over short term.

The summation is prices are set to move higher near till 53600 levels with support at 52400, the bias is positive.

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