According to elliott wave principle, silver XAGUSD has formed what we call five wave impulse on the daily chart and it is now on a corrective phase in which wave A of the corrective pattern terminated at the 50% retracement level according to fibonacci level . Wave B is expected to rally up at least 23.6% retracement level before Wave C which most of the time terminate at golden level which is at 61.8% retracement of the whole five wave impule.
After this corrective wave finish , Silver XAGUSD as a precious metal will continue its all time high in this economic free fall because most people will continue to shield their asset by buying Silver and Gold .
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