21:09 UTC
Downtrend, lower highs since late August · RSI 32 · price 59.783
LH/LL chain; broke below late-Sep 60–62 base.
Silver has printed lower highs since the late-August 71.17 peak, with the Sep 22 lower high at 67.53. This week's rebound stalled at the 62.07 week high before hawkish FOMC minutes and 10Y yields near 5.3% drove price back through the 60.00 psych level. Thursday set a fresh swing low at 58.98, with price below EMA20 and EMA50 on D1 and beyond the 61.8% fib of the July–August rally; RSI near 30 shows the decline is stretched, but each bounce since mid-September has met supply at a lower level.
Support: 58.978, 56.557, 54.756
Resistance: 60.00, 61.024, 62.07
What it said to watch
- Daily close below the 58.98 swing low extends the lower-low chain toward the aug low at 56.56, then the ytd low at 54.76
- Reclaim of the 60.00 psych level and the 61.8% fib near 61.02 would neutralise this week's break of the late-Sep base
- Close above the 62.07 week high and EMA20 would end the sequence of failed rebounds along the lower highs
- UoM sentiment and 1y/5y inflation expectations Fri 14:00 UTC could materially shift this read; with RSI near oversold, a soft print risks a sharp rebound into 60.00