Multi-month downtrend: silver has shed roughly a third from the early-March ~90 peak to the sub-56 June low and sits around -16% YTD. The bounce into the 63.28 weekly high proved corrective — price rejected there and has rolled back under the 59.00 psych pivot, printing another lower high. It trades below EMA50 with a soft USD post-FOMC minutes only supporting shallow rebounds.
Support: 57.21, 55.61
Resistance: 59.00, 61.45, 63.28
What it said to watch
Daily close above the 59.00 psych pivot keeps the bounce alive; failure reopens 57.21 then 56.61
Loss of the 55.61 june low confirms the next lower low
Rallies capped at the 61.45 prior high and 63.28 weekly high along descending channel resistance
US CPI Jul 14 12:30 UTC is the key catalyst that could reset this read
Silver is in a multi-month downtrend from the ~$90 early-March highs, trading well below a falling EMA(50) with an intact lower-high/lower-low sequence. This week it collapsed from ~$63.28 to a $57.22 trough — more than $3 — as US-Iran oil-inflation fears and hawkish FOMC minutes firmed the USD and yields. The current $58.44 sits below the $59.00 pivot, keeping the bounce corrective against the descending channel.
Support: 57.22, 56.61, 55.79
Resistance: 59.00, 63.28
What it said to watch
Daily close above 59.00 pivot needed to sustain the bounce; failure reopens 57.22/56.61