Silver rebounded quite aggressively in April, following Trump’s decision to impose a 90-day tariff pause. At the time, there was still a lot of uncertainty, so many investors turned to metals as a safe haven—particularly during periods of trade tensions.

More importantly, we can see silver forming five waves up from the 28.34 low. In Elliott Wave terms, when we see a strong directional move that can be counted in five waves, it often represents the beginning of a new trend. That means the current pause is likely just a correction, and more upside should follow.

I posted this chart on X:, noting that the 31.00–31.50 area is a very interesting support zone for silver—an area from which we could see a rebound, possibly after a completed A-B-C setback from the 33.70 region.

As of today, silver has retested the low from the start of the month and is now turning up nicely, already trading above 32.50. These are the first signs that bulls may be back in the game. A break of the channel line around 33.00 and a daily close above it would likely confirm a bullish continuation toward at least 34.61.

We’ll continue to monitor silver closely and update our intraday charts for members. If you’re interested in more analysis like this, make sure to check out our services at https://wavetraders.com/elliott-wave-plans/.

– Grega