Silver Technical Snapshot: Down 5.7%, RSI 28.5

Silver (XAGUSD) last traded at 55.61, a drop of 5.7% on the session.

The trend read is a downtrend, with price below the 50-day average and the 50-day below the 200-day. All three major averages sit above the market and in descending order: price is 9.29% below the 20-day (61.31), 13.44% below the 50-day (64.25) and 19.85% below the 200-day (69.38). The distance widens against each longer average, so the market is furthest from its 200-day line and closest to its 20-day.

The 14-day RSI reads 28.5, a depressed level — at or below 30, the zone often described as oversold. Volatility is contained: the 14-day ATR is 1.91 in price terms, equal to 3.43% of the 55.61 price. Measured against silver’s own past year, that ATR sits in the 18th percentile, among the calmer readings of the last twelve months rather than an elevated one. The 5.7% fall on the session is wider than that 3.43% ATR, so the day’s range ran beyond the recent daily norm.

Within its 52-week range, price is 54.27% below the high of 121.61 — now less than half that peak — and 22.16% above the low of 45.52, which places it at the 13th percentile of the range, near the lower end. The 55.61 last price is just above the 20-day swing low of 55.38 and the identical 60-day swing low of 55.38; because the two match, the 60-day low was set within the last twenty sessions. Overhead, the 20-day swing high is 67.53 and the 60-day swing high 71.16. The 52-week high was recorded 220 sessions ago and the 52-week low 300 sessions ago, so both extremes are well in the past. The most recent run is three consecutive lower closes.

On the weekly frame the picture agrees with the daily on direction. The weekly trend is also a downtrend, with price 11.61% below the 20-week average (62.92) and 20.37% below the 50-week (69.84), and the latest week closed down 8.71%. The timeframes differ on momentum: the weekly RSI is 39.8, above the daily 28.5 and outside the depressed zone the daily reading sits in. Both frames have price under their shorter and longer averages alike, a consistent alignment across timeframes.

Over the wider windows, silver is down 6.63% on the week and 12.62% on the month, essentially flat for the quarter at +0.08%, and up 4.85% across the past year. The quarter’s near-flat +0.08% alongside the month’s -12.62% shows the decline is concentrated in the most recent month.

Descriptive technical summary generated by the ForexBullion Research Team from our own price feed. Not investment advice.