21:08 UTC
Downtrend, lower highs since late August · RSI 35 · price 58.996
LH/LL sequence from the 71.17 August peak; price below both EMAs.
Silver has printed lower highs since the late-August peak at 71.17, which matched the June top and formed a double top. The 67.53 lower high on Sep 21 preceded a break below the falling EMA(50) in late September, and price has been grinding toward the 58.49 Oct low. This week's bounce stalled at the 61.43 bounce high, and the hot core CPI print and a dollar at YTD highs pushed price back to 59.00. RSI is in the mid-30s, so momentum is soft but not yet at an oversold extreme.
Support: 58.494, 56.557, 54.756
Resistance: 61.435, 63.50, 67.529
What it said to watch
- US PPI, Retail Sales and jobless claims Thu 12:30 UTC could materially shift this read
- Daily close below the 58.49 oct low extends the lower-low chain and exposes the 56.56 august low
- The 54.76 july low is the double top neckline; a break there would complete the pattern
- Daily close above the 61.43 bounce high would be the first higher high since August, with the ema50 near 63.5 above it
- Price stalling under the Sep 21 lower high trendline keeps the downtrend structure intact