21:08 UTC
Downtrend since late-August peak, approaching oversold · RSI 33 · price 54.795
Lower-high/lower-low descending channel from 71.17, testing July low.
Silver has made a lower-high/lower-low chain since the 71.17 peak on 28 Aug. Rallies capped at 68.31, 67.53 and the 61.44 lower high, and price has held below a falling EMA(50) on D1 since the late-September breakdown. Thursday's ~5% flush from the 58.59 swing high, driven by oil-led inflation fears and ~90% December Fed-hike odds, printed a 54.66 swing low that sits on the July low, with RSI near 33 and the Oct 14 low at 55.39 now overhead.
Support: 54.662, 50.00
Resistance: 58.592, 61.435
What it said to watch
- Daily close below the 54.66 swing low and July low cluster extends the lower-low chain toward the 50.00 round number
- Reclaim of the 55.39 Oct 14 low would mark the flush stalling. The 58.59 swing high is the next cap below the channel top.
- A D1 close above the 61.44 lower high and channel resistance, near the 38.2% fib, breaks the lower-high sequence
- Fri S&P Global PMIs and UoM 1y inflation expectations, then next week's FOMC signal on a December hike, could materially shift this read
- RSI(14) pushing below 30 would mark a genuine D1 oversold reading after the four-week slide