Silver is trading near $66.27 as market participants assess whether the recent correction is approaching its end. MCO Global's technical analysis suggests the $49–$60 support zone has held firm, and a developing five-wave structure from the summer lows could mark the beginning of a larger recovery.
The precious metal was trading at $66.2665, down 0.20% on the daily candle. MCO Global's setup indicates initial upside targets at $74.13, $81.42, $89.43, and $102.22, which correspond to the 38.2%, 50%, 61.8%, and 78.6% Fibonacci retracement levels respectively. The broader Elliott Wave projection extends significantly further, with $190 marked as a potential Wave 5 target.
The analyst emphasizes the $89.43 level as particularly important since it represents the 61.8% Fibonacci retracement, commonly known as the golden pocket. The daily chart places the silver price inside a larger Wave 4 correction. Before this correction, silver climbed from a macro low near $34.50 to a Wave 3 peak around $130.
The bullish case remains conditional: the support zone must hold and silver must clear the resistance levels above before the larger projection becomes more relevant. A break below $48.88 would invalidate the bullish Elliott Wave count and put $34.50 back into consideration as the next major support level. For now, the next major test is $74.13.
