Silver remains in a broad downtrend off the early-May $89 peak, down ~13% YTD, but has carved a multi-week base near $55-57 since June. The last two sessions delivered a ~7% snap-back to $62 on soft US labor data (ADP miss at 44K), stalling right below the 50-day SMA around $62.65. Price is holding above EMA20/EMA50 for the first time in weeks, but the rally is running into the $62.65-$63.00 rejection band.
Support: 60.70, 59.40, 56.57
Resistance: 62.65, 63.00
What it said to watch
US Nonfarm Payrolls Fri 12:30 UTC is the dominant catalyst for this read
D1 close above 62.65 opens the path toward the 63.00 cap
Loss of the 60.70 pivot exposes 59.40 then the 56.57 base low
Silver slid from the early-May peak near $89 to a July base around $56.57, then rebounded roughly 10% over the following weeks. The last two sessions added ~7% into $62 on soft US labour data (ADP 44K miss, weak JOLTS) trimming Fed tightening bets, but the advance rejected just below the 50-day SMA at $62.65 and the $63 cap. Price has reclaimed EMA20 yet sits under EMA50, keeping the broader trend corrective rather than reversed.
Support: 60.70, 59.40, 56.57
Resistance: 62.65, 63.00
What it said to watch
US Nonfarm Payrolls Fri 12:30 UTC is the dominant catalyst for the next swing
A daily close above 62.65/63.00 opens the path back toward the mid-60s