Every read JAFX AI made on the XAG/USD daily chart that day, newest first: trend, structure, the levels it marked and what it said to watch.
21:06 UTC
Downtrend, extended and stretched · RSI 35 · price 59.694
Chain of lower highs / lower lows since March peak.
Five-month downtrend intact: silver has slid from the ~90 peak in early March to a 55.63 swing low, price pinned below EMA20 and EMA50 throughout. Revived year-end Fed hike bets on the Hormuz oil/inflation story crushed last week's NFP-driven bounce, dragging XAG from 63.25 back to 59.69. The rebound off 55.63 stalled at 63.25 and price is fading toward the 59.00 range floor.
Support: 59.00, 56.61, 55.63
Resistance: 60.00, 63.25, 64.50
What it said to watch
- Decisive close below 59.00 opens 56.61 then 55.63
- Reclaim of 60.00 needed before the 63.25 / 64.50 trendline ceiling comes into play
- US CPI Jul 14 is the dominant catalyst for whether the downtrend extends
21:06 UTC
Downtrend, sellers in control · RSI 43 · price 59.694
Lower highs, lower lows since May.
Silver has been in a multi-month downtrend since the early-May peak near $89, printing a steady chain of lower highs and lower lows; price sits well below EMA(50) with the average still falling. This week's slide gave back the NFP-driven bounce as rebuilt year-end Fed hike bets and Middle East oil/inflation fears pressured the non-yielder, reversing it from ~$63.28 back under $60. The last three sessions rejected the $62-63 area and price is now testing the $59.00 psych level.
Support: 59.00, 56.61, 55.00
Resistance: 60.00, 63.50
What it said to watch
- Decisive break of 59.00 opens 56.61 then 55.00 range floor
- Reclaim of 60.00 needed to re-challenge 63.50 and the descending trendline
- US CPI Jul 14 is the dominant catalyst and could materially shift this read