In previous articles, we discussed the positive correlation between Silver and Gold. In the same way, we covered the long-term structure developed by Silver. In this post, we’ll review what to expect from Silver for the coming days.
A Zig-zag Structure?
Silver in the daily chart shows a zig-zag structure (5-3-5). The long-term structure reached its minimum requirement at $16.63, but Silver could strike the $17.26 area before starting a decline.
As a conclusion, the completion of Silver’s structure should occur before the beginning of a sell-off in the golden metal. You should consider that if the price soars to $18.04, the long-term structure is not a zig-zag anymore; in that case, the formation corresponds to an impulsive wave.