Silver (XAGUSD) Elliott Wave Perspective: Upside Momentum Builds in Wave (5)

Silver (XAGUSD) is continuing its impulsive Elliott Wave bullish cycle originating from the July 17, 2026 low, according to a technical analysis report by Elliott Wave Forecast. The impulsive structure has advanced through multiple stages, with wave (1) reaching $60.929 before a wave (2) correction down to $56.539. The subsequent wave (3) rally extended strongly toward $66.79, followed by a corrective wave (4) zigzag structure that found a floor at $62.54 (with sub-waves ending at $63.47 for A, $66.56 for B, and $62.61 for C). The market is currently progressing within wave (5), where wave 1 initially surged to $70.01. Silver is undergoing a corrective wave 2 pullback, consolidating the gains achieved since the August 19 low across three or seven swings. Technical analysts highlight the $62.61 pivot level as critical support. As long as prices hold above this threshold, dips are anticipated to remain corrective, providing solid foundation for further upside extension in the broader impulsive sequence.