53.00–54.55 range after a false break below; price pressing the range top.
Thursday's slide from 58.03 broke the 55.38 former support and set a 53.00–54.55 range that held through Friday and Monday. Tuesday's Asia session flush to the 52.66 YTD low under a firm USD reversed quickly. The London-NY transition rally then carried price back above EMA(20) and the 54.25 weekly open as oil eased on Middle East security talks. Price now sits at the range top, just under the fib 38.2 retrace of the week's decline, with RSI(14) back near 60 from oversold.
Support: 54.25, 53.00, 52.66
Resistance: 54.55, 54.71, 55.38
What it said to watch
H1 close above the 54.55 range top and the 54.71 fib 38.2 opens the path toward 55.38 former support
Slip back below the 54.25 weekly open and the rebound trendline returns price to the range interior
Loss of the 53.00 range low and then the 52.66 YTD low would resume the downtrend
Fed decision Wed 18:00 UTC and Powell presser 18:30 UTC could materially shift this read
Thu 12:30 UTC core PCE is a follow-through risk for USD and silver
Lower highs intact from 58.03; false break below the 53.00 floor reclaimed.
Silver printed a fresh YTD low at 52.66 in Tuesday's Asia session, a false break below the 53.00 floor that held on Friday and Monday. It then recovered about 1.90 through London and the first hour of NY as oil eased on Middle East security talks. Price now holds above the weekly open at 54.25 and EMA20 near 54.00, with RSI(14) near 59. The rebound has stalled just under the Friday high at 54.55, between the 23.6% and 38.2% fib of the 58.03–52.66 slide. The lower-high sequence from Wednesday's 58.03 top stays intact while price is below the 55.38 broken support.
Support: 54.25, 54.00, 52.66
Resistance: 54.55, 54.71, 55.38
What it said to watch
H1 close above the Friday high at 54.55 opens the 38.2% fib at 54.71, then the 55.38 broken support near the 50% retracement
Slip back below the weekly open at 54.25 and EMA20 near 54.00 returns price to Monday's 53.80–54.30 range
Loss of the 53.00 floor and a break of the YTD low at 52.66 would resume the lower-low sequence
Fed decision Wed 18:00 UTC and Powell's press conference at 18:30 UTC could materially shift this read; Thu 12:30 UTC PCE follows
21:08 UTC
Downtrend, sharp rebound off the week low · RSI 60 · price 54.399
53.00–54.55 range after Thursday's breakdown, with Tuesday's dip below the range low reversed.
Thursday's slide from 58.03 broke below 55.00 and set up a 53.00–54.55 range through Friday and Monday, with the range low holding twice in NY hours. Tuesday's drop to a 52.66 week low around the London open was a false break. It reversed in the first hours of NY as oil eased, and price reclaimed EMA(20) and EMA(50) to press the 54.54 range top with RSI(14) near 60. The rebound sits between the 23.6% and 38.2% retracements of the week decline, with 55.00 psych and the 55.52 swing high the next overhead references.
Support: 53.90, 53.00, 52.657
Resistance: 54.54, 55.00, 55.518
What it said to watch
H1 close above the 54.54 range top extends the false-break recovery toward 55.00 psych and the 55.52 swing high
Rejection at the range top followed by a close back below the 53.90 ema20 returns focus to the 53.00 range low
A break of the Tuesday rebound line points to the bounce losing structure
Loss of the 52.66 week low reasserts the downtrend sequence
FOMC decision Wed 18:00 UTC and Powell's 18:30 UTC presser could materially shift this read; core PCE Thu 12:30 UTC follows
Lower highs from Wednesday; 53.00 double low swept, now testing Friday high.
Thursday's slide from 58.03 set the week's lower-high sequence. Silver then held a 53.00–54.55 range, and the double low at 53.00 held Friday and Monday. Tuesday's Asia session briefly broke below to 52.66 before the move failed. Price then recovered through London and NY as oil eased, reclaiming the ema20 and the 54.25 weekly open, and RSI(14) pushed into the mid-60s. Price now sits just under the Friday high at 54.56, with the 38.2% fib of the week's drop at 54.71 and broken support at 55.38 above.
Support: 54.25, 53.90, 53.00
Resistance: 54.557, 54.71, 55.38
What it said to watch
H1 close above the 54.56 Friday high and the 38.2% fib at 54.71 breaks the week's lower-high sequence and opens broken support at 55.38
Slip back below the 54.25 weekly open and the ema20 near 53.90 returns price to the 53.00–54.55 range
Loss of the recovery line and the 53.00 double low would put the 52.66 week low back in play
FOMC decision Wed 18:00 UTC and Powell at 18:30 UTC could materially shift this read; core PCE Thu 12:30 UTC follows
Lower lows into Tuesday's 52.657, then reclaim of 53.00 and weekly open.
Thursday's oil-driven selloff through the 55.38 broken level set the week's tone, with lower lows on Friday and a push to a 52.657 week low early in Tuesday's London session. The dip below the 53.00 range floor turned into a false break: NY hours reclaimed the weekly open at 54.25 and Monday's high and printed a 54.538 Tuesday high as crude eased. Price now holds above EMA(20) near 53.85, with RSI(14) recovered to about 60 from oversold.
Support: 54.25, 53.85, 52.657
Resistance: 54.538, 54.709, 55.38
What it said to watch
Fed decision Wed 18:00 UTC and Powell at 18:30 UTC could materially shift this read
Failure to hold the 54.25 weekly open returns price to the 53.00–54.40 range
H1 close above the 54.709 friday high extends the rebound toward the 55.38 broken level
Return below 53.00 and the 52.657 week low resumes the lower-low sequence
Thursday 12:30 UTC core PCE as a follow-through catalyst
18:05 UTC
Downtrend, oversold bounce stalling at range top · RSI 59 · price 54.245
Post-breakdown range 53.00–54.55; Tuesday false break below floor reclaimed.
Thursday's NY-session breakdown through 55.38 left a 53.00–54.55 range that has held since Friday. Tuesday's Asia-session dip to a 52.66 week low was a false break below the range floor, reclaimed through London and extended in the first hour of NY as oil eased on Middle East security talks. RSI(14) reached about 28 at that low versus 17 at Friday's sell-off low, a bullish divergence. Price now sits at the 54.25 weekly open, above the EMA(20) near 53.85 and the EMA(50) near 54.01, with RSI(14) at 59. The range top at 54.55 capped Friday's and Tuesday's highs. The 38.2% breakdown fib at 54.71 sits just above, and the broken support at 55.38 aligns with the 50% level.
Support: 53.85, 53.00, 52.66
Resistance: 54.55, 55.38
What it said to watch
H1 close above the 54.55 range top opens the 54.71 breakdown fib and the 55.38 broken support
Loss of the EMA(20) at 53.85 returns focus to the 53.00 range floor; acceptance below the 52.66 week low negates the false break
Fed decision Wed 28 Oct 18:00 UTC and Powell presser at 18:30 could materially shift this read, with core PCE Thu 12:30 UTC following
Failure to clear the range top while the USD holds two-week highs keeps the post-breakdown range intact
53.00–54.55 range after Thursday's breakdown; Tuesday false break below the range.
Thursday's slide from the 58.03 high broke broken support at 55.38. Silver then held a 53.00–54.55 range into Monday, with the 53.00 double low holding in NY hours on both Friday and Monday. Tuesday's Asian break to a 52.66 ytd low was reversed through London and NY as oil eased, and price is back at the range top, just under the 38.2% fib of the drop at 54.71. Price sits above the ema20 (~53.82) and EMA50 with RSI(14) near 61.
Support: 53.82, 53.00, 52.66
Resistance: 54.55, 54.71, 55.38
What it said to watch
H1 close above the 54.55 range top and the fib 38.2% at 54.71 opens the path to broken support at 55.38
A drop back below 54.00 and the ema20 near 53.82 returns the read to the range, with the rebound line from Tuesday's low next at ~53.70
Loss of the 53.00 double low and the 52.66 ytd low would resume the downtrend
Fed decision Wed 18:00 UTC and press conference at 18:30 could materially shift this read; core PCE Thu 12:30 UTC follows
Lower highs from Wednesday; Tuesday false break below 53.00 then reclaim of 54.00.
Silver sold off from Wednesday's 58.03 week high through Thursday's plunge, then held a 53.00–54.39 range on Friday and Monday. Tuesday's late-Asia break to a week low of 52.66 reversed into a NY-session rally that cleared the range top at 54.00 and the Monday high, despite firm US durables and a bid USD, with RSI(14) back near 62 and price above both EMAs. The bounce now sits just under the 38.2% fib of the weekly drop at 54.72, a level that also lines up with Friday's high.
Support: 54.39, 54.00, 52.66
Resistance: 54.72, 55.38
What it said to watch
H1 close above the 38.2% fib at 54.72 opens the 50% fib near 55.38, the old broken support
Slip back below the 54.00 range top returns price to the Friday–Monday range and leaves Tuesday's rebound as a lower high
Break of the rebound line from the 52.66 week low weakens the reclaim
FOMC decision Wed 18:00 UTC and Powell at 18:30 UTC could materially shift this read; core PCE follows Thu 12:30 UTC
53.00–54.56 range after Thursday's impulse lower; Tuesday false break below the floor reversed.
Thursday's ~5% slide from Wednesday's 58.03 high set the week's downtrend, followed by a 53.00–54.56 range through Friday and Monday. Tuesday's late-Asia break of the 53.00 range floor printed a ytd low at 52.66 but did not hold. Price climbed through London and into the NY session despite the firm Durable Goods beat, reclaiming the 54.00 round number and clearing the lower-highs line. It now presses the 54.56 range top between the 23.6% and 38.2% retracement of the slide, with RSI(14) back above 60.
Support: 54.00, 53.00, 52.657
Resistance: 54.557, 55.38
What it said to watch
H1 close above the 54.56 range top opens the 55.38 broken supp zone, near the 50% retracement
Slip back below the 54.00 round number and the rebound line returns price to the range interior
Return below the 53.00 range floor and the 52.66 ytd low would negate the false break and resume the downtrend
Fed decision Wed 18:00 UTC and Powell presser 18:30 UTC could materially shift this read; Core PCE follows Thu 12:30 UTC
Lower highs capped below 54.40; false break of the 53.00 floor reclaimed.
Silver remains in a downtrend from Wednesday's 58.03 high. Thursday's plunge, driven by oil and hawkish Fed pricing, did most of the damage before a 53.00–54.40 range formed through Friday and Monday. Late in Tuesday's Asia session price broke the round number to a 52.66 ytd low, but the move turned into a false break with higher lows along a rebound line into NY hours. The push to 54.13 after the firm US durables beat faded back under the ema50 and the lower-highs line. RSI(14) has recovered to ~54 from oversold, and price sits above the ema20 at 53.56 but below the 23.6% retracement of the week's decline near 53.93.
Support: 53.56, 53.00, 52.66
Resistance: 54.21, 54.39
What it said to watch
H1 close above the 54.21 day high and the lower-highs line reopens the 54.39 week high and the 38.2% retracement near 54.71
Loss of the ema20 at 53.56 and the rebound line exposes the 53.00 round number again
Close back below the 52.66 ytd low negates the false break and confirms a fresh lower-low
Consumer Confidence and New Home Sales at 14:00 UTC today, then the FOMC decision Wed 18:00 UTC, could materially shift this read
Silver has been one-way since Wednesday's 58.03 high. Thursday's flush and a further leg in Tuesday's late Asia session took price to a 52.66 week low as a firm USD on hawkish-Fed pricing weighed. London then reclaimed the 53.00 pivot, turning the move below it into a false break. Price is back above EMA(20) near 53.52 but is pressing the 54.00 round number, where EMA(50) and the 23.6% fib of the 58.03–52.66 drop cluster, with RSI(14) back near 52 from oversold. Lower highs at 54.56, 54.39 and 54.21 still define the sequence, and the weekly open at 54.25 sits just above.
Support: 53.52, 53.00, 52.657
Resistance: 54.00, 54.25, 54.393
What it said to watch
H1 close above the 54.00 round number and the 54.25 weekly open breaks the lower-highs line and opens the 54.39 week high, then the 38.2% fib near 54.71
Loss of EMA(20) near 53.52 and a return below the 53.00 pivot revives the breakdown toward the 52.66 week low
Fed decision Wed 18:00 UTC and Powell presser at 18:30 could materially shift this read
Consumer Confidence and New Home Sales at 14:00 UTC today are a pre-FOMC check on USD tone
11:05 UTC
Downtrend, basing near the lows · RSI 39 · price 53.422
53.00–54.40 range with lower highs; Tuesday's break below reclaimed.
Since Thursday's slide from 58.03, silver has traded in a 53.00–54.40 range. The 54.00 range cap has held every rebound, and a lower-highs line runs down from Friday's 54.56 peak. Tuesday's Asia session broke the prior lows at 53.00 to a week low of 52.66 as oil-fed Fed-hike bets weighed, but London has lifted price back to 53.42, still below EMA(20) near 53.50, with RSI(14) recovering to about 39 from oversold.
Support: 53.00, 52.657
Resistance: 53.50, 54.00, 54.393
What it said to watch
An H1 close back below the 53.00 prior lows would turn Tuesday's dip into accepted trade below the range, with the 52.66 week low next
A recovery through EMA(20) near 53.50 and the 54.00 range cap, near the 23.6% fib at 53.93, would break the lower-highs line; this week's high at 54.39 sits above
US Durable Goods at 12:30 UTC and Consumer Confidence at 14:00 UTC today, then the FOMC decision Wed 18:00 UTC, could materially shift this read
Lower highs since Monday; 53.00 floor broken, now back above.
Silver is still digesting Thursday's oil-driven decline as Fed-hike bets lift the dollar. The Friday–Monday 53.00–54.39 range held twice at the 53.00 psych level in NY hours, then gave way in late Asia today to a week low at 52.657. A bounce into the London open has lifted price back above 53.00, but it remains below EMA(20) near 53.53 and under the lower-highs line from Monday's 54.393 week high, with RSI(14) recovering to about 40 from near-oversold.
Support: 53.00, 52.657
Resistance: 53.53, 54.00, 54.393
What it said to watch
Hourly acceptance above the ema20 near 53.53 and the 54.00 round number would turn today's range break into a false break.
Failure to hold the 53.00 psych level re-exposes the 52.657 week low.
The 23.6% retracement of the decline fib sits near 53.93, just under 54.00.
A close above the lower-highs line from the 54.393 week high would end the sequence of lower highs since Monday.
Durable Goods at 12:30 UTC and Consumer Confidence at 14:00 UTC today, then the FOMC decision Wed 18:00 UTC, could materially shift this read.
Lower highs since Friday; Fri–Mon 53.00–54.40 range broken lower Tuesday.
The Thursday selloff from 58.03 set the tone for the window. Friday and Monday then ranged between the 53 pivot and the week high at 54.39, with buyers stepping in around 53.00 twice during NY hours. Tuesday's Asia session broke that floor to the tuesday low at 52.657 as USD firmed on December-hike bets, and price is now back testing 53.00 from below the ema20 with RSI(14) near 32 and the lower highs line intact.
Support: 53.00, 52.657
Resistance: 53.45, 54.393
What it said to watch
H1 close back below the 53 pivot keeps the range break valid and exposes the tuesday low at 52.657
Failure to hold 52.657 confirms another lower-low in the downtrend
H1 close above the ema20 (~53.45) and the 54 handle would challenge the lower highs line and reopen the week high at 54.39
Durable Goods 12:30 UTC and Consumer Confidence 14:00 UTC today, then the Fed decision Wed 18:00 UTC, could materially shift this read
08:05 UTC
Downtrend, fresh lows after range break · RSI 30 · price 52.83
Lower highs since Wednesday; 53.00–54.30 range broken lower.
Silver has printed lower highs since Wednesday's 58.03 peak. Thursday's liquidation gave way to a tight 53.00–54.30 range, and the range top capped rebounds on both Friday and Monday. The broken floor at 53.00 was defended in the NY sessions on Friday and Monday, then gave way from late Asia into the London open today as the USD extended its pre-FOMC short-covering on oil-driven Fed-hike pricing. Price posted a session low at 52.66 and now sits about 70 pips below the EMA(20) at 53.53, with RSI(14) pressing 30.
Support: 52.66, 52.00
Resistance: 53.00, 53.53, 54.30
What it said to watch
An H1 close back above the 53.00 broken floor would turn today's move into a false break of the range
Failure to hold the 52.66 session low extends the lower-low sequence toward the 52.00 round number
A recovery through the ema20 and the 23.6% retrace of the week drop near 53.92 would challenge the lower highs line
US Durable Goods at 12:30 UTC today could add volatility near 53.00
The Fed decision on Wed 28 Oct at 18:00 UTC could materially shift this read; December guidance is the swing factor
Lower highs since Wednesday; 53.00 double floor broken in late Asia.
Silver has printed lower highs since the 58.03 rejection late Wednesday. Thursday's oil-driven, hawkish-Fed selloff did most of the damage, and demand stepped in near 53.00 during NY hours on both Friday and Monday. That broken floor gave way in the late Asia session today, sending price to a 52.66 session low below EMA(20) near 53.59, with RSI(14) near 28 and the Monday high at 54.39 now well above.
Support: 52.657, 52.00
Resistance: 53.00, 53.59, 54.393
What it said to watch
An H1 close back above the 53.00 broken floor would turn today's drop into a false break
Failure to hold the 52.66 session low extends the lower-low sequence toward the 52.00 round number
A recovery through EMA(20) and the 23.6% fib of the decline (~53.93) would put price back inside Monday's range
A close above the lower highs trendline off the Monday high at 54.39 would alter the downtrend read
US Durable Goods at 12:30 UTC today and the FOMC decision Wed 18:00 UTC could materially shift this read
53.00–54.39 range under a sequence of lower highs since Monday.
Silver has been in a downtrend all week. Wednesday's 58.03 high gave way to Thursday's oil-driven, hawkish-Fed slide, and since Friday price has compressed in a 53.00–54.39 range, printing lower highs off Monday's range top. In the Asia session today price swept below the 53.00 range floor to 52.70 and snapped back, leaving it under the ema20 near 53.70 with RSI(14) around 34 and hourly ATR near 290 pips.
Support: 53.00, 52.704
Resistance: 53.70, 54.00, 54.393
What it said to watch
An H1 close below the 53.00 range floor, following the Asia low at 52.70, would convert the sweep into a breakdown from the range
Reclaiming the ema20 near 53.70 and finding acceptance over the 54.00 round number would break the lower-highs line; 54.00 also aligns with the 23.6% fib of the week's decline
An H1 close above the 54.39 range top invalidates the range-within-downtrend read
US Durable Goods at 12:30 UTC today and the FOMC decision on Wednesday at 18:00 UTC could materially shift this read
Lower highs inside a 53.00–54.40 consolidation after Thursday's slide.
Thursday's slide took silver from 58.03 to below 54.60 as oil-driven December hike pricing built. Friday's NY low at 53.02 and Monday's NY-open dip to 53.00 have since framed a 53.00–54.40 consolidation, with the yearly low tested twice and absorbed both times. Rebounds stalled at the gapped weekly open of 54.25 and the week high of 54.39, near the 23.6% retracement around 54.19, and highs have stepped lower since Friday. Price has slipped in Asia to the asian low at 53.43, below EMA(20) near 53.78, with RSI(14) near 37.
Support: 53.426, 53.00
Resistance: 53.78, 54.25, 54.393
What it said to watch
H1 close below 53.00 yearly low breaks the consolidation floor and extends the downtrend
Recovery above ema20 near 53.78 and the 54.25 weekly open would stall the Asia drift
Close above the 54.39 week high breaks the lower highs sequence
Durable Goods at 12:30 UTC today, then FOMC Wed 18:00 UTC, could materially shift this read
04:04 UTC
Downtrend, basing in a tight range · RSI 44 · price 53.649
Post-impulse range 53.00–54.39 with lower highs since Monday.
Thursday's sell-off from 58.03 ran into 53.02 on Friday as oil-driven hawkish Fed pricing weighed. Since then H1 has compressed into a 53.00–54.39 range. Monday's NY-open probe to 53.00 was absorbed straight back near the yearly low, leaving a double bottom with Friday that remains unconfirmed below the 54.39 week high. The weekly-open gap to 54.25 has faded, and Monday's and Tuesday's highs form a lower-highs line. Asia today slid to a 53.47 Asian low, leaving price below EMA(20) near 53.83 and under the 23.6% retracement of the Thursday sell-off around 54.19.
Support: 53.468, 53.00
Resistance: 53.83, 54.25, 54.393
What it said to watch
H1 close below the 53.00 yearly low negates the double bottom and resumes the downtrend
Acceptance above the 54.25 weekly open and the 54.39 week high breaks the lower-highs line and the range top
Failure to reclaim ema20 near 53.83 keeps pressure on the 53.47 Asian low
Durable Goods 12:30 UTC today and FOMC Wed 18:00 UTC could materially shift this read
Lower highs inside a 53.00–54.39 consolidation after Thursday's sell-off.
Thursday's sell-off from 58.03 ran across the London and NY sessions as oil-driven Fed hike bets built, and silver has since compressed between the 53.00 ytd low and the 54.39 week high. Monday's gap higher faded through a series of lower highs. A drop to 53.004 around the NY open was reclaimed within the hour, a false break that echoed Friday's 53.02 test. Tuesday's Asian session has slipped back below the ema20 near 53.85 to a 53.50 asian low, with RSI(14) near 41 and the 54.21 lower high sitting on the 23.6% retracement of the sell-off.
Support: 53.50, 53.00
Resistance: 53.85, 54.21, 54.39
What it said to watch
H1 close below the 53.50 asian low puts the 53.00 ytd low back in play; acceptance under 53.00 confirms a lower-low
Reclaim of the ema20 and the lower-highs trendline near 54.21 would neutralise the intraday lower-high sequence
An H1 close above the 54.39 week high breaks the consolidation top and the lower-high structure
Durable Goods at 12:30 UTC today is a tone-setter; Wednesday's FOMC at 18:00 UTC could materially shift this read
02:04 UTC
Downtrend, stalled into a range above 53.00 · RSI 44 · price 53.772
Lower highs capping a 53.00–54.56 base since Friday.
The dominant move came Wednesday-to-Friday: a drop from the 58.03 window high through Thursday's London and NY sessions, as firmer yields and oil fed Fed-hike fears, ending at the 53.02 ytd low in Friday's NY session. Monday's NY open briefly undercut that level at 53.00 for a false break. Price then reversed straight back above 54.10, but Friday high 54.56 and Monday high 54.39 form a line of lower highs, and price has stayed within the 23.6% retracement of the Thu-Mon decline. Asia trade has slipped back under ema20 near 53.90 toward the Asian low at 53.67, with RSI(14) sitting in the mid-40s and no momentum extreme.
Support: 53.67, 53.00
Resistance: 53.90, 54.39, 54.56
What it said to watch
H1 close below the 53.00 ytd low confirms a lower-low and ends the range read
Acceptance above the lower highs line and Friday high 54.56 breaks the descending sequence and exposes the 38.2% retracement near 54.92
Loss of the 53.67 Asian low puts the 53.00 floor back in play for a third test
Durable Goods at 12:30 UTC today could reprice Fed hike odds ahead of the session
Fed decision Wed 18:00 UTC could materially shift this read
01:05 UTC
Downtrend, stalled into a tight base · RSI 49 · price 53.95
Lower highs from 58.03; flat 53.00–54.56 range since Friday.
Thursday's ~5% slide from the 58.03 lower high, driven by firmer yields and oil-fuelled hike fears, has given way to a 53.00–54.56 base. Demand absorbed NY-hours probes into the ytd low on both Friday and Monday, forming a potential double bottom, but closes remain below Monday's weekly open at 54.25. Price is pinned to a flat EMA20 with RSI(14) near 49, still under the 23.6% fib retracement of the 58.03–53.00 drop at 54.19 and the lower highs line. Monday's Asia low at 53.60 is the first marker inside the range.
Support: 53.60, 53.00
Resistance: 54.25, 54.39, 54.56
What it said to watch
H1 close above 54.56 lower high breaks the lower highs line and would confirm the double bottom
Repeated closes back above the 54.25 weekly open and 54.39 monday high would signal a shift away from the base
Loss of 53.60 asia low puts the 53.00 ytd low back in play; a close below it resumes the downtrend
Durable Goods Tue 12:30 UTC and Consumer Confidence 14:00 UTC could break the range ahead of the Fed
FOMC decision Wed 18:00 UTC; December hike guidance could materially shift this read
Lower highs intact; 53.60–54.40 range with twin lows near 53.00.
Silver's slide from last Tuesday's 58.06 high accelerated in Thursday's Asia and NY sessions, cutting through 55.38 broken support as hawkish Fed repricing and firmer oil weighed. Since Friday, H1 has compressed into a 53.60–54.40 range, with the range low at 53.60, below the 54.25 weekly open and both EMAs. NY-hours spikes to the 53.00 YTD low on Friday and Monday reversed inside the hour, outlining an unconfirmed double bottom under the 54.39 Monday high and the lower highs line, with RSI(14) back near 47 after oversold readings and the 38.2% fib of the week decline at 54.94.
Support: 53.60, 53.00
Resistance: 54.25, 54.39, 55.38
What it said to watch
H1 close below the 53.00 YTD low negates the double bottom and extends the downtrend
Close above the 54.39 Monday high and the lower highs line completes the double bottom, with 55.38 broken support and the 38.2% fib near 54.94 next
Failure to reclaim the 54.25 weekly open keeps price pinned in the lower half of the range
Loss of the 53.60 range low puts the 53.00 YTD low back in play
Durable Goods (Tue 12:30 UTC) and the Fed decision (Wed 18:00 UTC) could materially shift this read