20:06 UTC
Downtrend since the March peak, first bounce off a fresh low · RSI 37 · price 52.389
Lower highs and lower lows from 96.37; price well below EMA20 and EMA50.
Silver has been in a downtrend since the early-March peak at 96.37. Lower highs at 89.36 in May and 71.17 in August define the descending trendline, and price sits well below the W1 ema20 near 61.4 and the EMA(50). This week printed a new yearly low at 48.60, below the 50.00 round number, then recovered to 52.39 on a softer USD. Friday's 165K NFP beat revived December hike pricing, and the weekly high at 53.45 capped the rebound. The bounce has not yet retraced 23.6% of the 96.37–48.60 decline, which sits at 59.88, so it remains corrective inside the downtrend unless the former july low at 54.76 is reclaimed.
Support: 50.00, 48.603
Resistance: 53.453, 54.756, 61.44
What it said to watch
- A weekly close above the 53.45 weekly high and the 54.76 july low would mark the first higher high since the yearly low
- A loss of the 50.00 round number and then the 48.60 yearly low extends the lower-low sequence
- US CPI on Tue Nov 10 at 13:30 UTC (headline MoM f/c 0.3%, core MoM f/c 0.2%) could materially shift this read via December Fed hike pricing
- Any extension toward the descending trendline (~59), the 23.6% fib (59.88) and ema20 (~61.4) would test the lower-highs structure