Chart of the day

Where do we stand fundamentally?

Demand for silver, especially in the industrial and technology sectors, remains strong. With applications in solar energy and electronics, some analysts believe a "silver squeeze" could be on the horizon due to constrained supply and heightened demand

XAGUSD is testing the important support zone of 30.5-31. We need a bounce here with a confirmation for the extension higher in the fifth wave and a new test of 34. Invalidation of this immediate upside extension could come upon a break below 30.20.

An invalidation level of a fifth-wave long-term extension higher and a bullish cycle continuation is much lower at 23 meaning we are in the strong bull uptrend. As said the continuation of an extension could lead to a 34 target in the medium-term to long-term if XAGUSD bounces here and sustains a break above 32.

_{Try a long trade entry with a stop loss below 30.20 to target 34 and higher. You can trade it with options as well.}