Silver went parabolic into January, spiking near 121 before a violent reversal erased most of the run — a classic blow-off top. Price now sits at 58.35, below the W1 EMA(50), and has spent weeks ranging between the 55 swing low and the 64.80 swing high as the correction digests. The -23K NFP shock has sparked a dovish-Fed recovery bounce, but on this timeframe the multi-quarter uptrend has clearly rolled over.
Support: 54.76
Resistance: 64.80
What it said to watch
W1 close below 54.76 confirms a lower-low and opens the 50 psych level
Reclaim of 64.80 needed to challenge the correction downtrend line
US CPI on Aug 12 is the next macro catalyst for the metals read
Lower highs since Jan blow-off, consolidating $55-60.
Silver put in a parabolic blow-off near $121 in late January 2026 and has since reversed hard, carving lower highs down to a $54.75 swing low. Price now consolidates in the $55-60 zone, well below EMA(50), keeping the macro structure firmly in reversion after the run higher. The recent recovery attempt tracks the dovish USD repricing after the shock -23K NFP miss, but the move remains inside a broader distribution off the top.
Support: 54.75, 50.00
Resistance: 60.90
What it said to watch
W1 close above 60.90 challenges the lower-high structure
Failure to hold 54.75 swing low opens the 50.00 psych level
US CPI on Aug 12 is the next high-impact catalyst and could shift this read