Silver has been in a structural downtrend since the February peak near 90, carving a chain of lower highs and lower lows inside a descending channel and printing a seven-month low at 55.63 in June. Price sits well below EMA20 and EMA50, both declining, and has slipped back toward the 57.22 support after failing to hold the 60 handle. Yesterday's soft US CPI miss took the edge off the hawkish-Fed trade and lifted the metal off the 57s, but the bounce so far has not broken the lower-high pattern.
Support: 57.22, 55.63
Resistance: 60.00
What it said to watch
Daily close below 57.22 exposes the 55.63 seven-month low
Reclaim of 60.00 would be the first crack in the lower-high sequence
PPI Wed and Fed speakers could reprice the USD and shift this read
Silver has been in a clear downtrend since the early-February peak near $90, carving lower highs and lower lows inside a descending channel and now sitting below both EMA20 and EMA50. The recent bounce off the 55.63 seven-month low stalled at 62.88 — a lower high — before rolling back to the $57 zone. Yesterday's soft US CPI print gave the metal near-term relief just above the 57.22 support.
Support: 57.22, 55.63, 54.39
Resistance: 60.00, 62.50
What it said to watch
Loss of 57.22 support exposes 55.63 low, then 54.39
Daily close back above 60.00 round number would challenge the 62.50 channel top
PPI Wed 12:30 UTC (core YoY f/c 5.2%) could revive inflation/hike narrative and pressure XAG