21:06 UTC
Downtrend, extended and oversold · RSI 28 · price 53.923
Lower highs and lower lows since 64.08; 57-58 range broken lower.
Silver has printed lower highs and lower lows across the window. The rebound off the 55.385 prior low stalled at the 58.03-58.59 range cap, and the range then broke lower on oil-driven Fed hike bets and higher yields, extending to a 53.016 yearly low. Price sits below both EMAs with RSI(14) oversold near 28 and ATR(14) expanded to roughly 850 pips. The long lower wick at the yearly low shows demand stepping in there, with the 54.557 bounce high capping the consolidation since.
Support: 53.016, 50.00
Resistance: 54.557, 55.385, 58.028
What it said to watch
- H4 close below the 53.016 yearly low extends the lower-low sequence, with the 50.00 round number the next marked level
- Recovery through the 54.557 bounce high and back above the 55.385 prior low brings the 38.2-50% fib zone (55.15-55.80) of the 58.59-53.02 drop into play
- Only a move through the lower highs trendline and the 58.03 range cap changes the broader downtrend structure
- Fed decision Wed Oct 28 18:00 UTC, specifically the December-hike guidance, could materially shift this read; Tuesday's durable goods data lands first