19:04 UTC
Macro uptrend, deep correction from blow-off · RSI 49 · price 69.125
Below $72-78 range floor after parabolic reversal.
A parabolic blow-off peaked at 121.63 in late January before a violent reversal; price has more than halved and now trades near 69, beneath the $72-78 consolidation that capped recent weeks. The macro uptrend from the Dec-2024 base near 30 remains intact above a rising W1 EMA(50), but the correction is deep and RSI has cooled from overbought back to mid-range. Friday's 172K NFP beat reinforced a hawkish-Fed lean, keeping pressure on non-yielding silver into next week.
Support: 65.49
What it said to watch
- Weekly close below the 65.49 swing low confirms a lower-low after the distribution
- Reclaim of the 72 psych and 78 range top needed to stabilise the correction
- US CPI Jun 10 could materially shift this read