19:05 UTC
Downtrend since the January 2026 blow-off peak · RSI 34 · price 54.802
Lower highs from 121.63; testing the June-July base near 54.70.
Silver has been in a downtrend since the late-January 2026 blow-off peak at 121.63, with lower highs in May and at the aug high of 71.17. Price now sits below a rolling-over W1 EMA(50) near 61.45 and through the 61.8% fib of the 2025-26 rally at 66.00. This week's selloff, driven by oil-fuelled Fed-hike pricing and equity stress, briefly traded under the july low near 54.70 before closing just above it, leaving the 50.00 psych level and the q4-25 low at 45.53 as the next multi-quarter references below.
Support: 54.70, 50.00, 45.53
Resistance: 61.45, 66.00, 71.17
What it said to watch
- Weekly close below the july low at 54.70 confirms a fresh lower low and exposes 50.00 psych, close to the 78.6% retracement near 50.90
- Fed decision Wed Oct 28 18:00 UTC could materially shift this read; a hawkish hold keeps the 50.00 psych level in play
- Recovery above the ema50 and lower-high line around 61.45 would be the first challenge to the downtrend structure
- Loss of 50.00 brings the q4-25 low at 45.53 into view as the last major base from the 2025 rally
- Weekly RSI below 30 would mark the first oversold extreme of this decline