- Silver extended its decline below the earlier $49.048 reference.
- Purple wave (v) is now labeled at $48.815, suggesting the bearish sequence may have reached completion.
- A brief pullback could precede a broader recovery on the four-hour chart.
Silver Price
XAGUSD was quoted at $50.104 at 7:50 a.m. New York time. The displayed daily opening price and low were $49.070, while the high reached $50.559.
XAGUSD Elliott Wave Analysis
Silver's latest price structure has progressed through the additional downside anticipated in the October 30 Elliott Wave outlook, reaching a new structural low before recovering.
The updated count now places purple wave (v) at $48.815, beneath the earlier downside reference. This development raises the possibility that the five-wave decline has concluded, although the broader trend reversal remains unconfirmed.
The blue projection anticipates a modest retracement followed by another upward extension. With prices already recovering from the low, attention shifts toward whether this developing rebound can establish a more sustained corrective advance.
Technical Analysis for November 2, 2026
- Trend: Bearish structure, with recovery developing.
- Current Elliott Wave: Purple wave (v) provisionally complete.
- Structural Low: $48.815.
- Next Projected Move: Brief decline, followed by recovery.
Trader's Question: What would challenge the proposed wave (v) completion?
A fresh decline beneath $48.815 would require reassessing the wave count. However, that price is not formally designated as an invalidation level.