21:08 UTC
Downtrend, oversold bounce fading · RSI 42 · price 60.188
Lower highs from Aug 28 peak, fresh lower low at 58.49.
Silver has printed a lower-high chain since the Aug 28 peak at 71.17, with caps at 68.31 and 67.53 under the downtrend line. The Sep 28 break below the 62.3 September lows started the slide. After hawkish FOMC minutes and 10Y yields near two-decade highs, last week ran to a two-month oct low at 58.49 before Friday's engulfing rally on the yield pullback. Monday faded from a 61.44 recent high back toward the 60.00 psych pivot, keeping price below a rolling-over EMA(20) near 62.1 and the ema50 at 62.9.
Support: 60.00, 58.494, 56.557
Resistance: 61.435, 62.07, 62.92
What it said to watch
- Daily close below 60.00 psych exposes the oct low at 58.49, then the aug low at 56.56
- Close above the 62.07 oct high and EMA(20) would break the lower-high cadence of the Aug–Oct decline; ema50 at 62.92 and the 38.2% retrace near 63.33 sit just above
- Rejection again at the 61.44 recent high keeps the bounce contained inside the downtrend
- US CPI Wed 14 Oct 12:30 UTC (MoM f/c 0.6%, YoY 3.7%) could materially shift this read
- 10Y UST push through the 5.35% high has been the main pressure channel on silver