Silver has been in a multi-month downtrend since the February break beneath 85, shedding roughly a third of its value and holding below EMA(50) throughout. Price bottomed near 55.60 in mid-June, bounced to the 62 area over two weeks, then faded back toward 58 as oil-driven inflation fears capped the rebound despite softer US CPI/PPI easing the USD. The last eight sessions are compressing between the 57.22 support and the 60.00 shelf, a consolidation inside the broader descending channel.
Support: 57.22, 55.60
Resistance: 60.00
What it said to watch
Daily close below 57.22 exposes the 55.60 ytd low, then the 54.30-54.39 zone
Reclaim of the 60.00 psych shelf would challenge the descending channel and neutralise the downtrend read
US Retail Sales Thu 16 Jul 12:30 GMT could materially shift this read
Multi-month downtrend intact: silver has bled from the ~89 February peak to sub-60 and sits roughly 18% down on the year, price capped below a falling EMA(50) throughout. The last several weeks have compressed into a 57-60 shelf, with soft US CPI/PPI easing USD but oil-driven inflation fear and risk-off flows capping every rebound. Two-way tape inside the descending channel, with the 55.50-55.63 YTD zone still the structural magnet below.
Support: 57.22, 55.55
Resistance: 60.00
What it said to watch
D1 close above the 60.00 shelf would challenge the channel-resistance read
Failure to hold 57.22 exposes the 55.55 ytd low
US Retail Sales Thu 16 Jul could shift USD and this read