XAG/USD Price Analysis as Silver Faces Pullback Risk After CPI Surge
Silver traders have a mixed picture as the CPI propelled a sharp rally in silver. The Elliott Wave Forecast sees XAG/USD headed lower, and the current price action indicates that buyers are holding up on the move. Notably, the analyst forecast shows that XAG/USD will fall first before buyers come in. After reaching the top $60 range, the analyst has been able to identify a corrective structure forming in the 4-hour chart of the silver price. Elliott Wave Forecast Maps a Silver Pullback The chart from analyst Elliottwave suggests the current price is around $63.41 and anticipates more downward movement towards $58-$60. There are several Elliott Wave labels showing the potential corrective path, and the move itself is a lower structure in preparation for a potential recovery. The overall chart setup indicates that traders need to be aware of the $60 zone. If it declines below this level, the next support area around $58 would be in view. Source: Elliott Wave via X Yet the chart also indicates a possible bounce-off and bounce-back above the correction, with silver ultimately returning towards the $66 level. The Elliott wave forecast is thus a two-stage setup. A downtrend of silver might weaken before buyers start to make another push up.









