Silver price is trading near $64 per ounce, with its recent pullback leaving traders divided over what comes next. After a powerful rally earlier this year, the metal has retreated from its h
Silver price is trading near $64 per ounce, with its recent pullback leaving traders divided over what comes next. After a powerful rally earlier this year, the metal has retreated from its highs and is now approaching technical levels that could determine whether the broader advance resumes or the correction deepens.
Three market commentators have outlined bullish scenarios using very different time frames. Rashad Hajiyev is watching for a move toward $77, Rock Bottom Entries predicts a potentially big long-term breakout retest, and Trendonomics believes an Elliott Wave rally could begin once the current correction ends.
Their forecasts share a bullish outlook, but none of the proposed moves is confirmed.
Precious metals commentator Rashad Hajiyev believes silver’s bullish setup remains intact despite the latest monetary policy developments.
“Fed rate hike did practically no damage to silver. So the game plan is unchanged. Waiting for silver to test $77 level next,” he wrote.
His accompanying daily chart shows silver trading around $63.98 inside a tightening triangle. A descending resistance line connects a series of lower highs following the metal’s earlier surge, while a rising support line runs beneath its subsequent lows.
Source: X/@hajiyev_rashad
The two trendlines are converging, leaving silver with increasingly limited room to trade inside the formation.
Hajiyev’s $77 target sits near the upper boundary of the triangle. From the chart’s quoted price of approximately $64, reaching that level would require a gain of roughly 20%.
However, a move to $77 would initially represent a test of resistance rather than a confirmed breakout. Silver would need to clear the descending trendline and sustain the advance to strengthen the case for further upside.
On the downside, a break beneath the rising support line would weaken the triangle setup and raise the possibility of another decline.
Rock Bottom Entries is looking at a much longer time frame.
“Silver just backtested a 45-year breakout. It’s just getting started,” the trader wrote.
The accompanying monthly futures chart traces silver’s price history back to the 1970s. It marks the major peaks around 1980 and 2011, then draws a gently rising resistance line across those historical highs.
According to the chart, silver recently broke above that long-term barrier, surged to a new peak and subsequently retreated toward the former resistance line.
Source: X/@RockBtmEntries
The analyst interprets that decline as a breakout retest: a situation in which an old resistance level begins acting as support.
The chart also includes a projected path toward approximately $190–$200 per ounce around the end of the decade. That is an illustrative long-term scenario, not a near-term target or a guaranteed outcome.
The bullish interpretation depends on silver maintaining the former breakout area. A sustained move back below it would call the breakout thesis into question.
There is another important distinction: this analysis uses monthly silver futures data, whereas Hajiyev’s chart tracks spot silver. Their quoted prices and exact technical levels are therefore not directly interchangeable.
Read also: Gold and Silver Prices Today: Their Charts Warn of Another Drop
Trendonomics by Harsh Dixit has identified a potential Elliott Wave setup that could point to another upward move once silver finishes its current correction.
“Silver is near the end of Wave 2 Correction, as projected,” the analyst wrote, adding that a Wave 3 rally could follow if a bullish reversal is confirmed.
The accompanying hourly chart shows silver declining from a late-August peak above $70 into a corrective structure labeled W-X-Y.
Source: X/@TrendonomicsHD
The final leg of that correction approaches the 50% Fibonacci retracement level at approximately $62.48. Silver has since rebounded toward $64, making this area an important reference point for the proposed setup.
Under the analyst’s Elliott Wave interpretation, the correction could give way to a new impulsive advance. The chart sketches an initial move toward $70, a subsequent pullback toward $68 and another advance above $72.
Those levels are part of the analyst’s projected path, not confirmed price targets.
Trendonomics specifically calls for a clear bullish reversal and a breakout from the corrective structure before treating the next rally as confirmed. If silver falls decisively below the $62.48 retracement area instead, the proposed Wave 2 bottom would become less convincing.
Elliott Wave counts are also interpretive: the same price action can support different wave labels, particularly before a breakout occurs.
The three charts present bullish possibilities across different horizons, but they also identify distinct conditions that silver has yet to satisfy.
In the short term, the $62.48–$64 region is important for Trendonomics’ reversal scenario. Holding that area and breaking above the recent corrective structure would provide evidence that buyers are regaining control.
Hajiyev’s daily triangle presents a larger hurdle. Silver would need to advance through nearby resistance before challenging his $77 objective, while a breakdown beneath rising support would put that outlook under pressure.
Rock Bottom Entries’ analysis takes the longest view. Its bullish case depends on the former multidecade resistance line continuing to act as support, even if silver remains volatile in the coming months.
The common theme is that all three commentators see the current pullback as potentially temporary. The difference is what would confirm their forecasts: an hourly reversal, a daily resistance test or a successful monthly breakout retest.
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The post 3 Silver Price Predictions From Top Precious Metals Traders appeared first on CaptainAltcoin.
