22:07 UTC
Downtrend, oversold bounce stalling · RSI 36 · price 52.37
Lower highs and lower lows since the 68.31 September top.
Silver has made a lower-high, lower-low sequence since the 68.31 September top. Each weekly rally has failed beneath the prior high, and the slide reached a 48.60 one-year low early this week. The Democratic midterm sweep sank USD and yields and set off a near-vertical Wednesday rebound. Thursday stalled at the 53.45 channel cap as USD firmed on hot labour data, leaving price parked at the 38.2% retracement of the 58.59–48.60 leg and below both EMA20 and EMA50.
Support: 52.00, 48.60
Resistance: 53.45, 54.60, 58.59
What it said to watch
- Daily close above the 53.45 channel cap breaks the lower-high sequence and exposes the 54.6 swing high
- Loss of the 52.00 pivot signals the rebound fading back toward the 48.6 1yr low
- Friday NFP (f/c 65K), AHE and unemployment at 13:30 UTC could materially shift this read
- Reclaim of the 58.59 prior high needed before the multi-month downtrend structure is in question