22:04 UTC
Downtrend, below falling EMA(20) and EMA(50) · RSI 36 · price 50.057
Lower highs from the late-August peak; bounce off the Nov low capped below ema20.
Silver has been in a downtrend since the 71.17 late-August peak and has held below a falling EMA(50), now 57.23, since the late-September breakdown, with a lower-highs sequence running from 58.59 to 53.70. The early-November rebound off the 48.60 Nov low stalled at the 53.70 bounce high, just under the ema20 at 53.42, and rolled over after Tuesday's hot US CPI and hawkish Fed commentary lifted the USD. Thursday's drop then broke back below the 51.12 range floor. The one counter-signal is a mild bullish RSI divergence at the Nov low, where RSI printed 28.9 against 23.7 at the Oct 30 low.
Support: 48.599
Resistance: 51.116, 53.416, 53.701
What it said to watch
- A daily close below the 48.60 Nov low confirms a fresh lower-low and negates the RSI divergence
- Regaining the 51.12 range floor, then the ema20 at 53.42, is needed before the 53.70 bounce high and the lower-highs line come back into play
- The 38.2% fib of the August–November decline sits near 57.2, in line with EMA(50), and marks the larger swing-trend filter
- Fed's Williams tonight and US PPI Fri 13:30 GMT (core YoY f/c 5%) could materially shift this read