Chain of lower highs / lower lows since the $89 peak.
Multi-week downtrend intact: silver has bled from the $89 peak in early spring to a YTD low of 54.77, holding below a falling EMA(50) throughout. Last week's ~7% drop was driven by oil-led inflation reviving hawkish-Fed / rate-hike bets that pressure the non-yielding metal. Price is bouncing off 54.77 into 55.71, but RSI near 33 shows the move is stretched rather than reversed.
Support: 54.77, 48.64
Resistance: 57.25
What it said to watch
Daily close below 54.39 exposes the 48.64 downside projection
Recovery above the 57.25 trendline would ease the downside pressure
S&P Global PMIs Fri could rebuild the rate-hike premium and cap this bounce
Silver remains in a firm downtrend since the early-June rejection near $89, shedding roughly 37% over the last six weeks with an unbroken chain of lower highs and lower lows. The metal has printed its YTD low at 54.77 and is now attempting a corrective bounce toward 55.70, driven by softer June CPI/PPI trimming hawkish-Fed bets against an oil-led inflation backdrop. Price sits well below EMA20 and EMA50, both falling, keeping the swing structure bearish while RSI hovers near oversold.
Support: 54.77, 54.39
Resistance: 57.25
What it said to watch
Daily close below 54.39 exposes deeper downside toward 48.64
Reclaim of the 57.25 falling trend hurdle would question the lower-high sequence
S&P Global PMIs Fri Jul 24 could materially shift this read via the Fed rate path