21:09 UTC
Downtrend, consolidating above 3-month low · RSI 40 · price 57.738
Lower highs and lower lows since 28 Aug peak, week-long range 56.37–58.59.
Silver has been in a downtrend since the 28 Aug high at 71.17. Highs have stepped lower at 68.31, 67.53 and the 61.17 lower high, and price has stayed below a falling EMA(50), now near 61.27, since late September. The hot core PPI print and firm yields drove a ~6% one-day drop to the 3-month low at 55.39, and the past week has consolidated between the 56.37 range floor and the 58.59 weekly high, capped by the descending trendline and under the 23.6% fib at 59.11.
Support: 56.37, 54.756
Resistance: 58.592, 60.00, 61.173
What it said to watch
- Daily close above the 58.59 weekly high and the descending trendline opens the 60.00 round number and the 23.6% fib area
- Failure to hold the 56.37 range floor reopens the 3-month low at 55.39, then the july low at 54.76
- Recovery above the 61.17 lower high and EMA(50) would break the lower-high sequence
- Thu jobless claims and Fri flash PMIs / UoM inflation expectations could materially shift this read via yields and USD