Multi-month downtrend from the early-May $89 peak; silver has shed roughly a third of its value and now trades below both EMA(20) and EMA(50) with the swing filter falling. Price is pinned near the base of a descending channel at $57.76 — soft US CPI/PPI produced only a two-day bounce before sellers reasserted, with energy-driven inflation fears keeping the metal heavy. RSI sub-40 reflects sustained pressure but has not reached oversold, leaving room toward the $55.63 seven-month low.
Support: 55.63, 54.39
Resistance: 58.50, 60.00
What it said to watch
Daily close below 55.63 confirms the lower-low and exposes 54.39
Rejection at the 58.50 channel top would extend the down-leg
A close back above 60.00 psych would question the channel structure
Fri 14:00 UTC Michigan Sentiment / inflation expectations could reprice Fed-hike bets and shift the read
21:06 UTC
Downtrend, momentum heavy · RSI 39 · price 57.758
Descending channel, lower highs and lower lows.
Silver has been in a clean descending channel since the early-May rejection near $89, printing lower highs and lower lows with price trading below EMA20 and EMA50. The soft June CPI/PPI prints failed to spark a durable bounce — rebounds toward the $58.50 channel top keep getting sold, and the tape is grinding down toward the $55.63 seven-month low. Last eight sessions have consolidated in a tightening $56.60–$60 band, with weekly momentum still tilted lower.
Support: 55.63, 54.39
Resistance: 58.50
What it said to watch
Daily close below 55.63 confirms a fresh lower-low and opens the 54.39 target
Reclaim of the 58.50 channel top would challenge the downtrend structure
Michigan Sentiment + UoM inflation expectations Fri 14:00 UTC could shift the Fed-hike read and this tape