Silver collapsed from the mid-65s at the start of the week to a 55.60 7-month low on a hawkish-Fed-fuelled dollar surge, then carved a double bottom near 55.6-55.7 and recovered to the high-58s. The bounce stalled at 59.56 just under the broken 60.00 level, with price now consolidating sub-60 as in-line PCE gave the dollar a breather. RSI(14) has unwound from deep oversold back to neutral around 50, framing this as a corrective rebound within the broader downtrend.
Support: 58.46, 56.53, 55.60
Resistance: 59.56, 60.00
What it said to watch
Close above 60.00 broken level would extend the corrective rebound toward 62.89
Failure to hold 58.46 day low reopens the 56.53 swing low and 55.60 week low
Wed ADP + ISM Mfg cluster could revive USD bid and pressure the bounce
Silver was wrecked roughly 12-18% this week on hawkish-Fed-hike pricing and a one-year-high dollar, breaking 60 and printing twin lows at 55.60-55.69 before bouncing. The recovery has clawed back above 59 into the NY session as the dollar eased after in-line PCE, but the rally remains capped below the 60.00 broken level and 59.56 rebound high. RSI(14) has cycled back near 59 from deeply oversold, with price now holding above EMA20.
Support: 58.50, 57.80, 55.60
Resistance: 59.56, 60.00, 62.89
What it said to watch
H1 close above 60.00 broken level would extend the corrective rally toward 62.89
Loss of 58.50 session low reopens the 57.80 prior low and the 55.60 base
Wed ADP and ISM Prices Paid cluster could revive the dollar bid and challenge this bounce
Silver was wrecked this week, collapsing from the mid-$65s to a $55.60 7-month low as a 1yr-high USD priced rising Fed-hike odds. Price has since clawed back above $58 into ~$59.02 — a corrective bounce off deeply oversold levels, helped by the USD breather after in-line PCE — with RSI(14) lifting back near 57 and price now holding above EMA20/EMA50. The $59.56 bounce high and the broken $60.00 level cap the recovery so far.