Silver bled ~7% this week inside a descending channel, driven by the oil-led inflation-fear bid rather than the soft US CPI/PPI prints. Price carved a double bottom near the 54.77 ytd low mid-week, recovered to the 56.19 swing high, then faded back to 55.67 into the weekend gap. RSI(14) has lifted off oversold to the mid-40s while price sits below the EMA20, keeping the recovery capped so far.
Support: 55.00, 54.77
Resistance: 56.19
What it said to watch
Decisive H1 close below the 55.00 psych floor / 54.77 ytd low opens fresh downside
Reclaim of the 56.19 swing high and EMA20 would signal the base is holding
S&P Global Flash PMIs Jul 24 13:45 GMT and oil/Strait of Hormuz headlines remain the dominant real-time risk
Silver bled from ~59.65 early in the week to a fresh YTD low of 54.76 as the Middle East oil bid revived Fed-hike fears and overwhelmed soft US CPI/PPI. Price has since based between 55.00 and 56.19 inside a descending channel, opening the fresh week with a small gap down and trading near 55.67. RSI(14) has lifted off oversold to the mid-40s but price remains under EMA20 and EMA50.
Support: 55.00, 54.77, 54.756
Resistance: 56.19
What it said to watch
Decisive H1 close below the 55.00 psych floor / 54.77 ytd low opens fresh downside
Close above 56.19 prior high challenges the channel top read
Oil / Strait of Hormuz headlines remain the dominant real-time driver
S&P Global Flash PMIs Jul 24 could shift Fed pricing and this read
Silver bled ~7% across the week, printing a fresh YTD low at 54.76 as the Middle East oil bid revived Fed-hike fears and overwhelmed the soft June CPI/PPI prints. Price has since carved higher-lows off that base and reclaimed EMA(20), stabilising in the 55.5-56.2 band into the weekend. RSI(14) has recovered back to the mid-line but the descending channel from the 59.66 week high remains intact.
Support: 55.00, 54.76
Resistance: 56.19
What it said to watch
Decisive break of 55.00 / 54.76 floor opens fresh downside
Reclaim above 56.19 recent high would extend the base recovery
S&P Global Flash PMIs Jul 24 and oil headlines could shift this read
A brutal week: silver shed roughly 7% inside a descending channel, printing a fresh YTD low at 54.756 before buyers stepped in twice around the $55 floor. The oil-driven inflation premium overwhelmed soft CPI/PPI and a weaker USD, but the last day has seen a recovery attempt back toward 56, with RSI(14) lifting off oversold and price reclaiming EMA20. Rejection at the 56.19 swing high has capped the bounce so far.
Support: 55.00, 54.77
Resistance: 56.19
What it said to watch
H1 close below the 55.00 floor reopens the 54.77 ytd low
Reclaim of 56.19 swing high needed to extend the recovery toward the channel top
S&P Global Flash PMIs (Jul 24) and oil headlines could materially shift this read
21:05 UTC
Downtrend, stabilizing near lows · RSI 56 · price 55.923
Basing above 55.00 after fresh YTD low.
Silver shed roughly 7% this week from the 59.65 high into a fresh YTD low at 54.77, an oil-driven inflation bid keeping the metal offered despite soft US CPI/PPI and a weaker dollar. Price has since carved a set of higher lows off 54.77 and reclaimed EMA20 near 55.92, but sits below EMA50 with the 56.19 swing high still capping the recovery. RSI(14) has lifted back to the mid-50s as the bounce holds above the 55.00 floor.
Support: 55.00, 54.77
Resistance: 56.19
What it said to watch
H1 close below 55.00 floor opens the 54.77 YTD low and fresh downside
Break above 56.19 swing high challenges the week's descending structure
S&P Global Flash PMIs Jul 24 could materially shift this read
21:05 UTC
Downtrend, stabilising near lows · RSI 53 · price 55.923
Basing after fresh YTD low, higher-lows forming.
Silver was bludgeoned through this week to a fresh YTD low near 54.76 as oil-driven inflation fear overwhelmed soft US CPI/PPI, before demand stepped in twice around 54.8-54.9 and price recovered toward the 56.19 recovery high into today. Price has reclaimed EMA20 but still sits below EMA50, and RSI(14) has cycled back off oversold to the low-50s. The 55.00 psych floor is holding on pullbacks with a series of higher-lows since the low.