Chart of the day

Where do we stand fundamentally?

Silver is tracking the other metals in the bullish cycle. Silver has maybe even bigger potential for the extension higher than Gold as the Gold/Silver ratio has reversed. strongly to the upside.

Silver is going for a test of the strong 31.50-32 resistance zone. A break above this resistance is leading higher in the third long-term Elliott Wave to 45.

An invalidation level of a third wave extension higher is 29.30. We need to see a confirmed break higher above 32 for the fifth wave extension to be confirmed and a target of 45 to be reached and a third wave extension to be triggered.

_{Look for a long trade entry with a stop loss below 29.50 to target 33 at least. You can trade it with options as well.}