21:09 UTC
Downtrend from late-August lower high, basing near two-month lows · RSI 37 · price 60.818
Lower highs since Aug 28; compressed 58.49–62.07 band below both EMAs.
Silver topped at 71.17 on Aug 28, just shy of June's 71.54, and has since printed a lower high at 67.53 on Sep 18. It broke below EMA(50), now near 63.70 and rolling over, with the Sep 28 drop. The last two weeks have compressed between the 2-month low at 58.49, hit Thursday after hawkish FOMC minutes and 10y yields near 5.35%, and the 62 cap. Friday's recovery to 60.82 came on softer oil and yields, with RSI in the high 30s, short of oversold.
Support: 58.494, 56.557, 54.756
Resistance: 62.07, 63.70, 67.529
What it said to watch
- US CPI Wed Oct 14 12:30 UTC (f/c 3.6%) is the main catalyst for a break of the 58.49–62.07 band
- Daily close below the 2-month low at 58.49 extends the lower-low sequence toward the aug low at 56.56 and the july low at 54.76
- Daily close above the 62 cap opens the path to the ema50 and the fib 38.2% near 63.3, with the descending lower-high trendline near 64.7 just above
- Recovery above the 67.53 lower high would break the post-August lower-high sequence