This commentary will attempt to provide specific price targets for both gold and silver. We will combine both Elliott wave forecasting techniques combined with Fibonacci extensions to guide us to our conclusions and price projections.
As you can see from the chart below (figure 2), a daily chart in Japanese average (Heiken Ashi) format silver did find support and a bottom. The $32.52 price point for silver was a 50% Fibonacci retracement and also about equal a 76% retracement of this last rally. The chart below also shows we now have confirmation with the MACD technical study. The fact that the individual average candles have turned green signals a return of our bullish trend. Although we are clearly at a potential resistance point (the 50% retracement of this most recent rally), my long-term view remains bullish.
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