During the morning session, the XAG/USD pair is recovering after yesterday’s “bearish” momentum and is testing 73.50 for a breakout. Meanwhile, market participants are in no hurry to open new positions, assessing the Automatic Data Processing (ADP) data published yesterday.

The probability of growth remains.

On the daily chart, an ascending third wave of the senior degree wave 3 has formed, with a correction as the fourth wave 4, while the fifth wave 5 is being built. Meanwhile, on the four-hour timeframe, the first wave of the lower degree wave i of 5 has appeared, the correction as the second wave ii of 5 has ended, and wave iii of 5 is also developing. If this scenario proves correct, the XAG/USD pair’s upward trend is expected to continue toward the 96.50–122.00 zone, with a critical stop loss level at 71.42.

The quotes of the XAG/USD pair continue the local downward trend, staying around 72.0 dollars per ounce: the silver market is showing relative stability, despite the ongoing corrective dynamics.