19:08 UTC
Downtrend since January blow-off top, lower highs intact · RSI 44 · price 60.815
Descending lower-high sequence from 121.63; price testing the W1 ema50 from below.
Silver has traded in a corrective downtrend since the late-January blow-off top at 121.63. Successive lower highs at 89.36, the aug high at 71.17 and the 67.53 lower high line up on a descending trendline, and the August rebound stalled near the 23.6% fib of the crash. This week's close at 60.82 sits below the W1 ema50 (~61.90) and just above the week low at 60.29 and the 60.00 psych level, and the sharp NFP miss has so far not lifted price back over the macro filter.
Support: 60.29, 60.00, 54.76
Resistance: 61.90, 67.53, 71.17
What it said to watch
- Weekly close back above the ema50 near 61.90 would neutralise the break below the macro-trend filter
- Failure to hold the 60.29 week low and 60.00 psych exposes the year low at 54.76
- Weekly close above the descending trendline and the 67.53 lower high breaks the lower-high sequence, with the aug high at 71.17 near the 23.6% fib next
- ISM Services PMI (Mon, f/c 55.7) and FOMC Minutes (Wed) could shift the rate read behind silver after the soft NFP