21:06 UTC
Downtrend, recovering off lows · RSI 61 · price 62.712
Multi-month downtrend basing above June low.
Silver has been in a multi-month downtrend since the ~96 late-Feb high, bottoming at the 55.60 YTD low in June. The last two weeks have carved a rounded bottom, with a ~12% bounce accelerating after the soft June NFP print, tagging 62.89 before stalling into the 62.50 ceiling. Price now sits back above EMA20 but well below a still-falling EMA50, so this remains a recovery within a broader downtrend.
Support: 60.00, 57.40, 55.60
Resistance: 62.89, 63.50, 65.00
What it said to watch
- Daily close above 63.50 resistance opens the 65.00 psych break
- Failure to hold the 60.00 pivot reopens the 57.40 swing low
- FOMC minutes Wed 18:00 UTC is the key catalyst for this read