21:10 UTC
Downtrend since late-August high, bounce stalling · RSI 41 · price 60.671
Lower highs from 71.17, H&S neckline broken, tight base above 59.68.
Silver has printed lower highs since the 71.17 Aug 28 peak, with the 68.31 and 67.53 lower highs completing a head and shoulders that broke its ~62.30 neckline on Sep 28 as 10y yields hit 5.34%. Friday's 29K NFP miss lifted price off the 59.68 swing low, but the bounce stalled under 62.07. The rejection came just below the 23.6% level of the Aug-Oct fib (62.39) and the neckline. The last five sessions sit in a 59.68–62.07 consolidation, below both EMAs with RSI near 40.
Support: 59.676, 56.557, 54.756
Resistance: 62.30, 64.084, 67.529
What it said to watch
- Daily close below the 59.68 swing low extends the lower-low chain toward the 56.56 aug low and the 54.76 ytd low
- Close back above the 62.30 neckline and the 23.6% Aug-Oct fib would put price back inside the H&S, with the 64.08 breakdown high next
- Only a move through the 67.53 lower high breaks the lower highs sequence
- Williams/Bowman (Tue) and FOMC Minutes (Wed 18:00 UTC) could materially shift this read via yields and the USD