Since the beginning of the year, the XAG/USD pair has been correcting towards a long-term upward trend, forming a corresponding channel: at the end of June, the price reached its lower border, after which it retreated upwards and entered a sideways range of 68.75–62.50 (Murrey [8/8]–[4/8]).

The price could grow.

On the daily chart, the third wave of higher degree (3) continues, within which the third wave 3 of (3) and the correction as the fourth wave 4 of (3) have completed, and the fifth wave 5 of (3) has started. Currently, the leading first wave of lower degree i of 5 and the third wave (iii) of i are developing. If the assumption is correct, the XAG/USD pair will rise to the area of 78.70–84.50. The critical stop loss level for this scenario is 62.30.

The XAG/USD pair continues the downward trend formed at the end of August and corrected to the level of 64.00 after yesterday’s update of the local low of 63.00, against increasing geopolitical tension in the Persian Gulf region, where Yemeni Houthis attacked Saudi Arabia, captured almost the entire eastern coast of the Red Sea, and threaten to completely block the Bab-el-Mandeb Strait.