After a recent dip in price, the metal has recovered, and buyers are stepping in to support the price around its recent low.
The future direction of silver prices is uncertain. While some indicators show demand is increasing and potentially returning to recent highs, a technical analysis called Elliott Wave suggests a key price level of $83.081 must be surpassed before we can confidently say the current downward trend is over.
The Daily Demand now has a silver structure
According to GGG Trades, if demand for silver remains strong, it has the potential to reach a record high. The price chart shows silver, represented by XAGUSD, recently rebounded from a key support level, and is currently trading near the top of that range, but still below its present value.
Silver experienced a significant price drop after reaching a high in January. While it briefly rose above $110, it quickly fell and continued to decline, forming a downward trend throughout February, March, and April.
The chart showed that current demand is between $60 and $70. If the price stays above this range, it suggests buyers are likely to step in and push prices up if they temporarily fall.
The analysis identified potential price resistance levels above the current price. Specifically, a smaller supply zone exists around $80 to the low $80s, and a larger one between $110 and $120.
Elliott Wave View Stays Cautious
However, EWF Sandile had a contrasting view, believing XAGUSD was trending downwards and trading below $83.081. Their analysis, based on Elliott Wave theory, suggested silver had broken through a short-term corrective phase after facing selling pressure.
According to this analysis, the price might not fully recover (bounce) for three to seven trading periods before continuing to fall in the next phase of the current downtrend. If the price stays above $83.081, this bearish outlook would likely be incorrect.
The chart showed silver prices were stable around $76, with a potential to rise to $78 or $79 before likely falling again. It also advised against selling at that moment.
However, for this negative trend to hold, the price of silver needs to stay below the current resistance level. If the price rises above $83.081, it would invalidate this trend and likely push the price higher, towards previously identified areas of selling pressure.
Breakout Case Watches — Closing Levels
According to Elephant Capital, silver prices are showing continued strength, and the recent dip may be ending. They’ve also observed that silver is consistently surpassing its highest closing price from each previous quarter.
Maintaining a strong position at the end of this period is crucial for a full recovery. The chart also suggests silver will likely stay within its current price range for a bit before potentially increasing in value.
The X chart indicates traders need to see a clear breakout past a resistance level. Currently, the market is fluctuating between buying support and the $83.081 price point, which remains within the predicted range of a downward trend.
Currently, the silver price (XAGUSD) is focused on a critical level. Whether it continues to rise or falls back down depends on today’s daily demand – this level could be a major turning point for the price.
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2026-05-06 22:29