21:05 UTC
Downtrend easing, recovery underway · RSI 62 · price 63.534
Bounce off yearly lows, higher lows building.
Silver spent June-July basing in the mid-to-high 50s after the sharp slide from the early-May peak near 89, and the last week has flipped that base into a recovery — Friday's shock -23K NFP torched the dollar and drove XAG roughly 4% higher to a six-week high at 63.5. Price has reclaimed both the EMA20 and EMA50, with the $65 psychological cap the immediate structural test. The multi-week picture is transitioning from downtrend to recovery, but the rally still sits under the deeper 100-day area near 69.
Support: 59.40, 55.30
What it said to watch
- Daily close above 65 opens the path to the 100-day area near 69
- Failure to hold 62 exposes 59.40, then the 55.3 yearly low
- US CPI on Aug 12 is the dominant catalyst and could materially shift this read