21:09 UTC
Turning lower, lower highs since late-Aug peak · RSI 36 · price 60.813
H&S neckline broken; price below EMA20/EMA50, testing swing low.
Silver's July–August rally from the 54.76 july low topped at 71.17 on Aug 28 and has since formed a head and shoulders, with right-shoulder lower highs at 68.31 and 67.53. Monday's ~5.7% drop, driven by oil-led Fed-hike bets and yields near 19-year highs, closed through the 62.30 neckline and below the EMA50, now flattening near 64.00. Price has stalled at the 60.29 swing low, just under the fib 61.8 of the summer rally at 61.02, and softer core PCE failed to spark a rebound.
Support: 60.289, 56.557, 54.756
Resistance: 61.024, 62.303, 64.00
What it said to watch
- Daily close below the 60.29 swing low extends the head-and-shoulders breakdown toward the aug low at 56.56
- Recovery back above the fib 61.8 at 61.02 and the 62.30 neckline would turn the breakout into a false break
- EMA50 near 64.00 and the lower-high trendline from the Aug 28 peak cap the recovery path; the july low at 54.76 is the base of the summer range
- ISM Manufacturing and Prices Paid Thu 14:00 UTC, plus payrolls later in the week, could materially shift this read