21:08 UTC
Range after July-August recovery, highs stepping lower · RSI 45 · price 64.318
Lower highs 71.17 / 68.31 / 67.53 pressing on a flat 62.30 range floor.
Silver has been range-bound since mid-August, after the recovery from the 54.76 July low stalled at the 71.17 August high. The 62.30 range floor has held three times while daily highs have stepped lower to the 68.31 range top and the 67.53 lower high. Wednesday's rejection at that lower high came on hawkish Fed repricing, a two-month USD high and surging yields. Price now sits below EMA(20) near 65.00 and just under a flattening EMA(50) around 64.80, with RSI at 45, capped first by the 38.2% fib at 64.90 and resting above the 63.06 recent low.
Support: 63.06, 62.30, 61.02
Resistance: 64.90, 67.53, 68.31
What it said to watch
- Daily close below the 62.30 range floor breaks the mid-August range and exposes the 61.8% fib at 61.02
- Close above the 67.53 lower high and the 68.31 range top would break the lower-high sequence
- Loss of the 63.06 recent low puts the range floor back in focus within the week
- Wed Sep 30 ADP (12:15 UTC) and PCE/GDP (12:30 UTC) could materially shift this read; Fed speakers Tue add event risk