21:07 UTC
Downtrend, lower highs since late-August peak · RSI 36 · price 57.368
LH/LL chain from 71.17; channel low broken on CPI.
Silver has printed a lower-highs chain since the 71.17 late-August peak and trades below a falling EMA(50) on D1, roughly 8 weeks into the Aug–Oct decline. Last Wednesday's hot September CPI broke the descending channel low and flushed price to the 55.39 cpi low, the lowest since mid-July. The rebound has stalled near 57.40, beneath the 58.49 prior low, with RSI near 36 soft but not yet oversold.
Support: 54.756
Resistance: 58.494, 60.00, 61.41
What it said to watch
- Daily close back above the 58.49 prior low would reclaim the broken channel low area and soften the downtrend read
- Failure to hold the 55.39 cpi low exposes the 54.76 july low, the floor of this window
- 60.00 round number and the 61.41 fib 38.2 of the Aug–Oct decline sit above; the lower highs line from 71.17 stays intact below them
- Fri S&P Global PMIs (Services f/c 57.9, Mfg f/c 55.6) and next week's FOMC could materially shift this read