21:08 UTC
Downtrend since the late-August peak, RSI oversold · RSI 29 · price 53.913
Lower highs and lower lows from 71.17, four-session pause above the 52.66 swing low.
Silver has made a two-month chain of lower highs since the 71.17 peak on 28 Aug. The September 62.30–68.30 range broke on 28 Sep, and the descending trendline from the 67.53 lower high has capped every weekly rally, the last at the 58.59 lower high on 20 Oct. December Fed hike pricing, firmed by the Q3 GDP beat, has pushed price to a 52.66 swing low even with a softer USD, and price is now pausing at 53.00–54.72 with RSI near 29 and both EMAs well overhead.
Support: 52.657, 50.00
Resistance: 54.724, 58.592
What it said to watch
- A daily close below the 52.66 swing low extends the lower-low sequence, with the 50.00 round number the next marked level
- A close back above the 54.72 weekly high and the 55.39 prior low (14 Oct) would break the immediate lower-high pattern
- The 23.6% retracement of the Aug–Oct decline sits near 57.03, and the 58.59 lower high below the descending trendline is the larger structural cap
- RSI holding near 30 while price prints a new low would mark the first momentum divergence of this leg
- Fri ECI (f/c 0.8%) and Daly/Musalem remarks could materially shift December hike pricing and this read