Silver is currently trading at $66.63 on September 21, according to the latest TradingView chart. The price bounced back quickly from dropping below $66 and is now making its way up towards the high end of the intraday range.
One analyst is monitoring a breakout from the resistance that was setting up in a descent and is calling for $71.56. A new Elliott Wave pattern does indicate, though, that another lower move is possible before the big pattern is done.
XAGUSD Breaks Descending Trendline
Meanwhile, the Economic Office chart has a 4-hour time frame with a price break above a descending trendline.
The trendline is drawn from the late-August high into a few lower peaks over the month of September. It has rebounded through the lower portion of a larger rising formation and was recently traversed by Silver.
That price is about $66.23 on that graph. The analyst believes a short-term pullback is in the forecast before the next upward move towards $71.56.
Also, the $71.56 price level is near horizontal resistance at the prior major high. That level is then the primary bull level in the setup.
The chart indicates that support is increasing from the lows in July and August. Additionally, September’s decline was well above that longer trend line. Source: Economic Via X
A retest of the previous descending resistance area in a pullback will determine if the breakout is continuing to hold. For Price to hold its higher-low home to remain in place, it must continue to perform that price pattern through the analyst’s forecasted $71.56.
Elliott Wave Chart Allows Another Low
More Crypto Online states that silver is requiring one more low for the count on the Elliott Wave exhibited. Price is currently within a large upward channel, following a big rally from its 2025 lows.
Silver had been coming off the low side of that channel and into a large correction, though. The present bounce is from a downtrend to the lower retracement area.
The supported zone is highlighted, extending from about the low-$50s to about $60. There is a horizontal green belt across the bottom of that area as well.
The chart shows a few Fibonacci retracement targets above the current price. Price levels start in the middle of the $70s, then around the mid-$80s, low-$90s, and higher than $100. Source: More Crypto Via X
The wave count is therefore not the same as the scenario in the first chart, which was a direct breakout. It offers one more corrective downturn before silver starts the next higher sequence upwards.
That doesn’t prove that such a drop is actually beginning. It displays the level sequence as per the Elliott Wave analysis of the analyst.
TradingView is showing a strong recovery, even on the day chart. TradingView is showing a solid day chart recovery.
TradingView Shows Strong Intraday Recovery
XAGUSD has recovered from an intraday low close to $65.80 to $66.00 and is trading around $66.630.
The price floated lower for several hours before settling at its lowest action just after 11:00. Buyers subsequently pushed up the silver price by a large margin in the following hour.
The shift pushed XAGUSD up to $66.50 and up to around $66.70 before settling in the vicinity of $66.63.
Repeated interactions between the upper and lower bands in the Bollinger Band signals are observed throughout the session.
The current rally is bringing the price back to the top of the band, indicating that the price has gained more momentum in the near term. Source: TradingView
The initial $66.70 resistance is followed by the extended $67 area. If a clean move through that area remains, the four-hour $71.56 target level is indicated by the first analyst.
On the downside, the $66.00 is the closest intraday reference.
The last support level seen was the recent swing low at $65.80; this is the next support area.
Chaikin Money Flow is also available on the TradingView chart; however, TradingView does not report any volume data. Therefore, CMF cannot confirm any buying or selling pressure in this XAGUSD setup.
