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Silver in demand

Silver had broken down from a bearish triangle and we see a clean five-wave decline. After a five-wave decline, we generally get a retracement of the five-wave decline as per the Elliott wave principle. In the last trading session, the white metal closed in the positive. It has also formed an engulfing bull candle stick pattern on the daily chart, which has bullish implications. The daily momentum indicator showed oversold readings and thus a bounce from current levels is on the cards. The bounce can continue up to $21.19, which is the 61.8% retracement of the fall and also the-20 day simple moving average, and $21.89, which is the 40-day exponential moving average. The level of $18.19 should act as a crucial support.

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