Silver Analysis: Does the Fibonacci Support at $58 Mark the Bottom for Silver?

The consolidation process in XAGUSD following the long-term Wave (III) peak exhibits a technically complex corrective pattern (Double Zigzag). The price's current attempt to hold above the red trendline is being challenged by selling pressure following Wave B. According to our analysis, the price is expected to slip toward the $58.10 - $56.50 band and conclude the major Wave (IV) correction there. This zone can be described as the "Golden Zone," where the 0.618 Fibonacci retracement level meets structural support. Subscribe to the Ewplans newsletter now to ensure you don't miss this critical market reversal and professional trading opportunities!