Silver (XAG/USD) maintains a bearish outlook on the 4-hour chart, with the displayed price at 54.923 following a sharp decline below 58.661. The Elliott Wave count identifies an ongoing downward sequence, with waves i, ii, iii, and iv preceding the projected wave v, completing the larger wave (iii). The failure to sustain the corrective recovery near 58.661 and the subsequent breakdown beneath 55.399 reinforce bearish momentum. The blue projection indicates potential continuation toward the 53.00 region, with 52.00 representing a further downside reference. A recovery above 55.399 would challenge immediate selling pressure, while a sustained advance beyond 58.661 would weaken the current bearish interpretation.
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Trend: Bearish
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Key Support: 53.00 (projected); 52.00 (lower reference)
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Key Resistance: 55.399; 58.661
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Projected downside zone 52.00–53.00.
Trader's Question: Is silver approaching completion of wave (iii)?
The projected wave v suggests further downside before wave (iii) may complete, but a confirmed bottom is not yet visible.