21:08 UTC
Downtrend, oversold-adjacent · RSI 34 · price 54.423
Two-month lower-high/lower-low chain from the 71.17 peak.
Silver has carved a clean weekly lower-high sequence since the late-August 71.17 peak (68.31, 67.53, 62.07, 61.44, 58.59), with price below a falling EMA(50) and the lower highs trendline intact. Last Thursday's 5.8% drop on AI-related equity stress broke the 55.39 prior low and extended to a 52.66 ytd low, while the in-line Fed hold has so far left price pinned just above the 53.00 psych area. The 55.39 prior low now sits overhead as the first cap, with the 23.6% fib of the 71.17–52.66 leg at 57.03 and the 58.59 lower high above that.
Support: 53.00, 52.657, 50.00
Resistance: 57.025, 58.592
What it said to watch
- Daily close back above the 55.39 prior low would mark the first reclaim of broken support since the breakdown
- A rally through the 58.59 lower high and the lower highs trendline is needed to break the LH/LL chain
- Daily close below the 52.66 ytd low opens the 50.00 round number
- FOMC press conference tone and Thu 12:30 GMT core PCE / Q3 GDP could materially shift this read
- RSI holding in the low-30s near the 53.00 psych zone; a sub-30 print would mark a meaningful oversold reading