Silver prices have taken a beating. They fell from near $77 earlier this week down to test the $67 area. The drop followed stronger-than-expected US jobs numbers.
That made people think the Fed is in no rush to cut rates. The dollar got stronger. Ten-year Treasury yields climbed. All of that usually pushes down things that don’t pay interest, like silver.
On the other hand, factories still need the metal. Supplies are tight, and solar panel makers keep using it. But some manufacturers have started swapping silver for copper because the price got too high. The US-Iran war and the trouble around the Strait of Hormuz are also keeping commodity markets on edge.
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Elliott Wave Analysis Points to a Final Silver Washout Before a Major Bottom
Market analyst Rohit Srivastava believes the silver price has entered the final stage of a large Elliott Wave corrective pattern. In his view, the metal is now trading within Wave Z of a complex W-X-Y-X-Z correction. This structure typically represents the last corrective phase before a larger trend resumes.
The chart shows how silver’s decline accelerated as the US Dollar strengthened following the latest economic data. Within the Wave Z structure, the market is believed to be developing its final “c” wave. In Elliott Wave theory, a c-wave normally unfolds in five impulsive sub-waves, creating aggressive downside movement that can catch traders attempting to buy too early.
We had a look at the chart, and momentum indicators support the idea that sellers remain active despite periodic rebounds. The stochastic oscillator has pushed into overbought territory after a short recovery, but price remains well below the highs recorded during the earlier rally. That combination often appears during corrective rallies inside a broader decline.
The bottom line from this analysis is patience. If Wave Z completes as expected, the final capitulation phase could clear out remaining long positions before the silver price establishes a stronger and more durable bottom. For investors looking at the next major upside cycle, the completion of this pattern could provide a more attractive entry point than attempting to catch the falling market now.
News Affecting Silver Price Today
Silver’s drop was mostly about US jobs data. The latest Non-Farm Payrolls report said the economy added 115,000 jobs, much higher than the 65,000 people expected. That made markets rethink what the Fed might do next.
A stronger job market puts less pressure on the Fed to cut rates. That keeps Treasury yields up and the dollar strong. For silver, which earns no interest, higher yields make it cost more just to hold it.
World news moved the market too. Tensions between Israel and Iran pushed oil up. Brent crude moved toward $96 a barrel, and WTI traded near $92.50. Rising oil prices bring back inflation worries and feed the idea that central banks may keep rates high for longer. That is another headache for silver.
At the same time, technical selling accelerated after the silver price broke below the important $70.86 support level. Market reports from ISA Bullion and Saxo Bank showed a steep 26% decline over a two-day period. With that support broken, traders are monitoring the 50-week moving average near $62.50 as the next major area where buyers could emerge.
Related Silver News: Silver Price Could Shock the World Overnight: “The Biggest Market Distortion in History”
Silver Price Prediction for June
Bearish Scenario: Silver Falls Toward $62.50
If the dollar stays strong and Treasury yields keep climbing, silver could fall further in the last part of this Wave Z correction.A drop below $67 would make a move toward $62.50 more likely. That level lines up with the 50-week moving average and a major support zone on the chart. It also fits the Elliott Wave idea that the final c-wave still has not finished.
Likely Scenario: Consolidation Between $62.50 and $70
The most likely thing for June is that the silver price swings between $62.50 and $70. The metal has already taken in a lot of bad news. But uncertainty over interest rates and world tensions could keep traders on edge. In this case, the market finishes its current correction before building a foundation for a bigger recovery.
Bullish Scenario: Recovery Above $70 and Return Toward $77
A weaker dollar, lower bond yields, or fresh demand for safety could spark a stronger bounce. If silver takes back the $70 level and stays above it, buyers might aim for the old high near $77. Confirmation that Wave Z is done would make the case for a broader recovery stronger. That could also mark the start of the next big move up.
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