21:02 UTC
Downtrend off April spike, base forming · RSI 42 · price 74.581
Lower highs since 117 peak, basing 73-78.
Silver remains in a downtrend off the late-January 117 spike, with a chain of lower highs through March and May. Price is basing in a 73-79 range over the last 8 sessions after the early-May rejection at 86.22, with RSI hovering in the low 40s and price pinned near EMA20. The Fed's Musalem signalling no easing bias plus a tentative US-Iran ceasefire are weighing on the safe-haven bid.
Support: 73.10, 70.67
Resistance: 78.80, 86.22
What it said to watch
- Daily close below 73.10 swing low confirms continuation toward the 70.67 Feb low
- Daily close above 78.80 range top opens the path back to 86.22
- A confirmed US-Iran ceasefire could materially shift this read by removing the geopolitical premium