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.
23:12 UTC
Downtrend, bounce stalling below channel cap · RSI 39 · price 51.919
Lower-high chain since the September top; bounce off a fresh swing low capped near 53.45.
Silver has printed lower highs roughly every week since the early-September top near 68.31. The descending channel cap has contained each rally, including the oct high at 58.59, and the latest bounce from the 48.60 swing low stalled at 53.45, just under the 50% retracement of the oct swing fib. Price is holding near 52 above Friday's 51.18 range low despite the hot NFP. It remains below a falling EMA(50), and daily ranges are averaging about 2,000 pips.
Support: 51.18, 48.60
Resistance: 53.45, 54.60, 58.59
What it said to watch
- Daily close above the 53.45 channel cap would break the lower-high sequence and bring the 54.60 prior high into view
- Failure to hold the 51.18 range low reopens the 48.60 swing low; a close below would extend the lower-low chain
- US CPI Tue Nov 10 13:30 UTC, with Fed speakers Mon–Tue, could materially shift this read
19:28 UTC
Downtrend, oversold bounce stalling · RSI 36 · price 51.959
Lower-high/lower-low chain since the Sep 8 peak near 68.31.
Silver has printed successive lower highs since the Sep 8 peak near 68.31. The Oct 20 lower high at 58.59 led to a fresh one-year low at 48.60 this week, and price sits below a falling EMA(50) with the swing trend still down. Wednesday's ~5% rebound faded at the 53.45 weekly high, near the downtrend line and between the 38.2–50% retracement of the Oct–Nov fib leg. Price has since held around 52.00 despite the USD rally on Friday's hot NFP.
Support: 48.603, 45.00
Resistance: 53.453, 55.00, 58.592
What it said to watch
- Daily close above the 53.45 weekly high and the downtrend line would break the lower-high sequence and expose the 55.00 round number
- Failure to hold the 48.60 one-year low would extend the lower-low chain toward the 45.00 round number
- A move back above the 58.59 lower high is needed to invalidate the quarter-long downtrend
- US CPI Tue Nov 10 13:30 UTC (core MoM f/c 0.2%) could materially shift this read, with Fed speakers Mon–Tue beforehand