Elliott wave analysis of Silver for November 8, 2021

Silver is ready to challenge short-term resistance at 24.87. A break above this level will be a strong indication that an impulsive rally is developing in wave 5/ towards at least 39 and more likely closer to the all-time high at 50.

A break above resistance at 30.16 will activate the double-bottom for the rally towards at least 39. If so, silver may reach new highs.

The material has been provided by InstaForex Company - www.instaforex.com

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