21:07 UTC
Downtrend, lower highs since late August · RSI 37 · price 56.977
LH/LL sequence from 71.17; range broken lower, testing July lows.
Silver has been in a downtrend since the 28 Aug rejection at 71.17, with lower highs at 68.31, 67.53 and 62.07, and price has stayed below a falling EMA(50) since late September. Wednesday's hot US CPI broke the 59.7–62.0 range and the $60 former support, printing an oct low at 55.39 just above the 54.76 july low. The rebound since has stalled at the 57.96 bounce high, driven by softer yields and USD rather than fresh demand.
Support: 54.756
Resistance: 57.962, 62.07
What it said to watch
- Daily close below the 55.39 oct low and the 54.76 july low extends the lower-low sequence and breaks the July–Oct lows, with $50 the next round number below
- Recovery through the 57.96 bounce high and back above the $60 former support, near the 23.6% fib at 59.11, would challenge the breakdown read
- Close above the 62.07 lower high breaks the lower-highs chain that has held since August
- RSI at 37 is not yet oversold, so the downtrend still has room before a meaningful bottom signal
- Tue Oct 20 housing data and Fri Oct 23 S&P Global PMIs could materially shift yields and the USD, and with them this read