22:09 UTC
Downtrend, accelerating, oversold · RSI 29 · price 49.786
LH/LL chain since the 22 Sep 67.53 high.
Silver has printed lower highs every one to two weeks since the 22 Sep 67.53 peak: 62.07, 58.59, 54.61 and now Monday's 51.27 bounce high. The late-October leg broke the 52.66 breakdown level and $50 on hawkish Fed repricing, with a December hike now ~73-75% priced. Monday's short-covering pop was rejected and today set a fresh 48.60 swing low just above the 48.47 yearly low, with price capped below the 50.00 round number, well below both EMAs and RSI(14) under 30.
Support: 48.603, 48.47
Resistance: 50.00, 51.269, 52.657
What it said to watch
- Daily close below the 48.60 swing low extends the lower-low chain into the 48.47 yearly low zone
- Reclaim of the 50.00 round number and a close above the 51.27 bounce high would mark the first break of the lower-high sequence
- 52.66 breakdown level is the next cap on any snap-back; the 23.6% retrace sits just above near 53.07
- US midterm results overnight, then ADP and ISM Services on Wed 4 Nov could materially shift this read
- RSI holding below 30 with no bullish divergence keeps the oversold read without a turn signal