Lower highs and lower lows since the $71.5 rejection.
Silver rolled over hard from the $71.5 spike, shedding the move on the hawkish FOMC dot-plot and stronger dollar, and is now pressing the $63.32 swing low. Price trades below both EMA20 and EMA50 with a clean lower-high/lower-low sequence, and ATR(14) is elevated as the decline extends. The $65.77 pivot and the $66.81 supply zone have repeatedly capped bounces.
Support: 63.32, 61.50
Resistance: 65.77, 66.81
What it said to watch
H4 close below 63.32 exposes the 61.5 target
Reclaim of 65.77 pivot needed to neutralise the breakdown
S&P Global PMIs Tue could materially shift this read
Silver round-tripped from above $70 early week back to ~$64.80, a hawkish FOMC dot-plot and the collapse of the US-Iran MoU driving the rejection at 70-71 and the sharp leg lower. Structure is a clean downtrend with price pinned below EMA20 and EMA50 and probing the 65.77 pivot. ATR(14) is expanding, consistent with a trending, not compressing, regime.