22:04 UTC
Downtrend, oversold bounce stalling · RSI 39 · price 51.526
Lower highs since late-August peak; rebound capped below ema20.
Silver has made lower highs since the late-August $71.17 peak, through $68.31 and $67.53 into a late-September break under $61. Price now trades below both falling EMAs, with the EMA(50) at $57.76. The bounce off the $48.60 swing low on the midterm-driven USD drop stalled for a week at the $53.45–53.70 rebound cap. That cap sits just under the 23.6% fib (~$53.9) and the ema20 at $53.99. Tuesday's hot October CPI produced a full-day rejection back to $51.53, while RSI has recovered from a 23.7 oversold reading to 38.8.
Support: 51.12, 48.60
Resistance: 53.70, 53.99, 55.39
What it said to watch
- Daily close above the $53.70 rebound cap and ema20 at $53.99 would break the lower-highs line and the 23.6% fib, putting the Oct 14 low at $55.39 in view
- Failure to hold the $51.12 rebound low exposes the $48.60 swing low again
- Fed's Bowman/Paulson tonight, Thursday's jobless claims (f/c 195K) and PPI on Friday could shift hike-size pricing and this read