XAGUSD remains in a YTD downtrend, capped below the EMA(50) since the March slide from the 89.36 high through the 62.88 swing high. Price defended the 54.77 YTD low twice this month — a double-bottom read — and has staged a ~4-5% two-day bounce on Mideast safe-haven demand, now stalling near the EMA(20) as it approaches the 60.00 psych level. The recovery is corrective against the broader lower-high structure.
Support: 55.00, 54.77, 54.39
Resistance: 60.00, 62.88
What it said to watch
Daily close above 60.00 would challenge the descending lower-high structure and open the 62.88 swing high
Failure to hold 55.00 / 54.77 ytd low exposes the 54.39 key pivot and 48.64 below
S&P Global PMIs Fri 24 Jul could shift the USD-driven read on this bounce
Lower highs / lower lows, rebounding from YTD low.
Multi-month downtrend, silver down ~16% YTD and capped below EMA(50) on D1 since the early-June breakdown out of the mid-70s. A fresh YTD low at 54.77 last week found demand and sparked a ~4.5% two-day rebound toward the 60.00 psych level on Mideast safe-haven flows. Price now sits back at the EMA(20) near 58.80 with RSI recovering from oversold territory.
Support: 55.00, 54.77, 54.39
Resistance: 60.00
What it said to watch
Daily close above 60.00 would challenge the downtrend structure
Failure to hold 55.00 reopens the 54.77 ytd low and 54.39
S&P Global PMIs Fri could materially shift this read via USD/oil