21:06 UTC
Downtrend, relief bounce fading · RSI 51 · price 61.771
Lower highs/lower lows, bounce off year low.
Silver remains in a multi-month downtrend, sliding from the ~89 area in early March to a 55.63 year low in June, with price pinned below a falling EM(50). A ~5.5% relief rally off those lows — triggered by the soft US NFP miss — peaked at 63.25 before rolling over; the last two sessions have given back ground and price now sits near 61.77, holding above the 60.00 psych level. RSI has cycled back to neutral, reflecting a market that bought the dovish story now trimming into FOMC Minutes.
Support: 60.00, 57.45, 55.63
Resistance: 63.25
What it said to watch
- FOMC Minutes Wed 18:00 UTC is the near-term catalyst for this read
- Daily close below 60.00 psych opens 57.45 swing low and 55.63 year low
- Reclaim of 63.25 prior high needed to revive the upside