Forecasts for XAGUSD for the rest of 2024 remain bullish, with some predictions expecting prices to rise above $30 per ounce, which is happening, driven by strong industrial demand, particularly in the electric vehicle (EV) and solar sectors.
XAGUSD broke above the 30.400 level, of a recent bullish consolidation resistance and is extending higher in the third long-term wave. A break above 32.500, a recent high, is required for the extension higher in the third wave with an ultimate target of 65. Learn to Trade commodities profitably.
The weekly XAGUSD chart reveals an ascending triangle breakout with a confirmation. At this point, buy positions have a higher probability of success as the XAGUSD is within a strong upside third long-term wave which is about to accelerate. Overall support for the upside even if it breaks below 30.400 is 28 and the final long-term support for a bullish trend invalidation is much lower at 25 which means that is developing a long and profitable third impulse wave higher. Following the price action we need to see a break above 32.60 for a continuation higher and an extension to 40.
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How to trade this?
It is a fact that a strong upside resistance for Q4 2024 is 32.60 and If we get a confirmed break above this level we could see a strong upside continuation for 40 in the third long-term upside Elliott Wave. Near-term, long-trade entries have a higher probability of success. Long trade entries can be placed here with a stop loss below 31. For inquiries about account management please write to [email protected].
