Every read JAFX AI made on the XAG/USD daily chart that day, newest first: trend, structure, the levels it marked and what it said to watch.
21:05 UTC
Downtrend, extended · RSI 32 · price 55.923
Lower highs, lower lows in descending channel.
Silver remains in a multi-week downtrend, sliding roughly 7% on the week to a fresh YTD low at 54.756 as an oil-driven inflation-hike premium overwhelmed soft June CPI and a weaker dollar. Price sits well below EMA20 and EMA50 inside a descending channel, now pressing the 55.00 psych floor. RSI(14) is stretched into oversold near 31, but no higher-low structure has formed to challenge the trend.
Support: 55.00, 54.756
Resistance: 57.845
What it said to watch
- Daily close below 54.756 ytd low opens fresh downside
- Reclaim of 57.845 swing high needed to ease the channel pressure
- S&P Global Flash PMIs on Jul 24 could shift the read via Fed/oil pricing
21:05 UTC
Downtrend, extended · RSI 35 · price 55.923
Lower highs and lower lows in descending channel.
Silver has been in a sustained downtrend since the early-May peak near 89, carving lower highs and lower lows inside a descending channel and trading well below EMA(50). The week's ~7% slide dragged price to a fresh YTD low at 54.76 as energy-driven inflation fear and a firm USD offset the softer June CPI/PPI prints. Price now hovers just above the 55.00 floor with RSI in the mid-30s but no confirmed bottoming signal.
Support: 55.00, 54.756
Resistance: 59.37, 61.20
What it said to watch
- Daily close below 54.756 ytd low extends the channel lower
- Reclaim of the 59.37 nine-day EMA would challenge the channel top at 61.20
- S&P Global Flash PMIs Jul 24 and oil headlines could reset this read