Every read JAFX AI made on the XAG/USD daily chart that day, newest first: trend, structure, the levels it marked and what it said to watch.
21:05 UTC
Downtrend, basing after May slide · RSI 55 · price 59.408
Multi-week range after lower-low sequence.
Silver rolled over from the early-May peak near 89.36 into a lower-low sequence that bottomed around 55 in July; the last several weeks have carved a base and range between 56.57 and roughly 60. This week's rebound off the 56.57 area follows soft US labour data (ADP 44K miss) reviving Fed-easing bets, lifting price back above EMA20 while it still sits under a falling EMA50. Demand has stepped in twice near 55-56, but 60.03 and the 60.90 range top continue to cap.
Support: 56.57, 55.32
Resistance: 60.03, 60.90, 62.00
What it said to watch
- US Nonfarm Payrolls Fri Aug 7 12:30 UTC is the dominant catalyst for the next sessions
- Daily close above 60.90 opens the path toward the 62.00 July high
- Failure to hold 56.57 reopens the 55.32 swing low and confirms the down-leg
21:05 UTC
Downtrend paused, basing · RSI 53 · price 59.408
Multi-week range after May-July decline.
Silver spent May-July shedding roughly a third of its value from the 89 peak down to the 55.32 swing low, and the last several weeks have flattened into a 56.5-60 base. The recent lift off the monday low near 56.57 has price back above EMA20 but still under a falling EMA50, keeping the broader tilt lower. The metal firmed this week as soft US labour data (ADP 44K, ISM services employment 47.4) revived Fed-easing bets and weaker oil eased inflation risk.
Support: 56.57, 55.32
Resistance: 60.03, 62.00
What it said to watch
- Daily close above 60.03 range top opens the path toward the 62.00 july high
- Loss of 56.57 monday low reopens the 55.32 swing low
- US Nonfarm Payrolls Fri Aug 7 12:30 UTC is the dominant near-term catalyst for this read