Elliott Wave Analysis: Silver With Room For $36-37

If you're a regular FACE show attendee, then you know we cover gold and silver quite often in our webinars. Those who know me also know that I look at markets mostly from an Elliott Wave perspective—it's a tool that helps track market sentiment.

What we've seen recently is that gold has significantly outperformed silver over the past year. Everyone seems to want to own gold, but not many are paying attention to silver. However, I believe silver could outperform gold, just like it did during some of the strongest cycles in the past.

For this view, I'm watching the gold/silver ratio closely. The ratio is currently sitting at the 61.8% retracement level, around 100. From an Elliott Wave perspective, this ratio has been forming a clear three-wave rally from the 2021 low, which suggests it could be nearing a turning point. Each time this ratio turned lower, silver saw a strong move higher—just like we saw in 2020 and 2022.

So, I'm thinking that in the second half of 2025, we could see a similar scenario unfold again. That doesn't mean gold won't rise—I'm just saying silver might offer better upside potential.

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If we zoom in on the silver wave count,  you'll notice we had an A-B-C corrective drop into the 28.40 area. From an Elliott Wave point of view, that was a classic contratrend move—part of a larger ongoing uptrend. I believe this uptrend is now ready to resume, even above the 2024 highs, especially since we saw a strong rebound from the April low near 34.

So, I think there's a real chance that wave 5 will extend higher—ideally targeting the 36–37 area later this year. That zone lines up with some Fib levels of impulsive price action, as also shown on the weekly chart below.

Have a nice day

Forex Analytix