21:46 UTC
Downtrend, accelerating into oversold · RSI 20 · price 49.118
Lower highs and lower lows since the late-August 71.17 peak.
Silver has carved a lower-high/lower-low chain since the 71.17 late-August peak. Friday's 5.8% drop cut through the 52.66 range floor and the 50.00 round number to a 48.85 swing low, as hawkish Fed hike pricing and firm US data (Q3 GDP 3.4%) weighed. Price sits well below EMA20 and a falling EMA50, with every weekly rebound since September capped beneath the descending trendline. The latest cap was the 54.72 lower high, and RSI near 20 is the deepest oversold reading of the window.
Support: 48.851, 48.64
Resistance: 50.00, 52.657, 54.724
What it said to watch
- Daily acceptance below the 48.64 November support extends the lower-low sequence
- A daily close back above the 50.00 round number would mark the first rejection of the breakdown
- Range floor at 52.66 is now overhead, an area to watch for rejection on any rebound
- A close above the 54.72 lower high and the descending trendline breaks the lower-high chain
- ISM Manufacturing PMI and Prices Paid Mon 15:00 UTC, plus Goolsbee, could materially shift this read
- US midterms Tue and ADP Wed add further event risk in the coming sessions