Hello traders and investors. I am Radi Valov, a professional trader, and today I would like to show you an update of my previous analysis on the commodities Gold and Silver. Recent weeks have been quite positive for both metals, which have traditionally been considered safe assets during market turbulence. Even before the invasion of Ukraine began, my expectations were for an upward development in both commodities.
Anyone who wants to can view my previous analyzes with larger and older time frames. Below are my previous analysis on the commodities Gold and Silver:
28.02.2022: Elliot Waves trading idea for Gold, Silver, and Gdx
14.02.2022: Elliott waves signal for Gold update
07.02.2022: Elliott waves signal for Silver
04.02.2022: Elliott waves signal for Gold
Today I will start with the weekly silver chart.
Silver Weekly Chart
After closing this week, I have every reason to view the bottom-up rise on February 3-21,900 as a completed impulse for wave (I). This means that in the coming weeks there will be a downward correction, my expectation is that the correction will find support in the area around 24-24,800 and after its completion will start a very strong upward momentum for wave (iii).
The critical point at the moment for the whole analysis is the bottom wave (i) – 21,900.
Gold Daily Chart
And with gold, I see the rise after the bottom of wave (e) as a complete impulse for wave (i). My expectations are for the development of a downward correction for wave (ii) to find support in the area around 1900-1940. After the correction is completed, a new upward phase will develop, which will take the price to new historical highs.
The critical point for the whole analysis at the moment is the bottom of wave (e) -1780.
At this stage it is still too early to determine the type of correction for both metals, with further development when there is already a structure in place I will release an update with more details on smaller time frames.
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