19:06 UTC
Downtrend since Jan 2026 blow-off top · RSI 34 · price 50.04
Lower highs from 121.63; June–Oct range broken to the downside.
Silver has been in a downtrend since the late-January 2026 blow-off top at 121.63, with lower highs at 96.37 in March, 89.36 in May and the aug high at 71.17. This week's close at 50.04 broke the july low at 54.76 and slipped below the 78.6% retracement of the 2025–26 rally near 50.90, with price testing the 50.00 psych handle and the ema50 near 60.96 about 11 points overhead. The selling reflects hawkish Fed repricing toward a December hike and broad precious-metals liquidation, and RSI(14) at 34 is stretched but not yet at a W1 extreme.
Support: 50.00, 48.39, 45.53
Resistance: 54.76, 60.96, 71.17
What it said to watch
- A weekly close below the 50.00 psych handle exposes the nov 25 low at 48.39, then the oct 25 low at 45.53
- A weekly recovery back above the july low at 54.76 would mark this week's range break as a false break
- The downtrend read stays intact while price is below the ema50 near 60.96 and the lower-high line from the May and August highs
- Only a reclaim of the aug high at 71.17 would break the lower-high sequence
- RSI(14) under 30 would register the first W1 oversold extreme of this decline
- ISM Manufacturing and Prices Paid on Mon Nov 2, the US midterms on Nov 3 and ADP on Nov 4 could reprice December hike odds and materially shift this read