22:06 UTC
Downtrend, deeply oversold · RSI 24 · price 49.243
LH/LL chain since early-Sep 68.31 high.
Silver has printed a lower-high, lower-low sequence since the early-September 68.31 peak, with every rally failing beneath a descending channel top that now sits near 53.6. Late-October liquidation tied to tech-stock selling, weak base metals and firm December-hike pricing broke the 52.66 prior low and drove price to a 48.60 swing low on Tuesday. Monday's bounce high at 51.27 faded within a session, price is holding below a falling ema20 near 54.6, and RSI in the low-20s marks the most stretched oversold reading of the window.
Support: 48.603
Resistance: 51.269, 52.657, 54.605
What it said to watch
- Failure to hold the 48.60 swing low extends the lower-low chain
- D1 close above the 51.27 bounce high would be the first higher high since mid-October
- The 52.66 prior low and the ~53.6 channel top would then come into play, with ema20 at 54.6 capping above
- Post-midterm USD weakness noted in the digest does not yet show in the closed D1 bar
- Fri NFP (f/c 65K) and AHE (f/c 0.3% m/m) could materially shift this read via December-hike odds