The short‑term Elliott Wave view in Silver (XAGUSD) indicates that the metal is unfolding an impulsive structure from the July 17 low. From that level, wave ((i)) advanced to $60.93 before a corrective pullback in wave ((ii)) reached $56.54.
Gold remains constructive above $4,150, while silver must hold $60 as investors await the Fed minutes and watch the key breakout levels at $4,500 and $72.
Silver Price Forecast: XAG/USD extends decline to near $63 amid continued energy supply risks
TL;DR: The Hormuz crisis is shifting from an oil-and-bond story to a broader risk-off one, with equities weakening, Copper breaking lower, and Silver losing its rebound structure — a sign its industrial-demand exposure is becoming a liability rather than an advantage.
Silver continues to see a lot of noisy and choppy trading. This is a market that continues to watch headlines and the effects of those headlines on interest rates.
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