Silver fell 1.16% on Oct. 23 and reached a $53.0273 low, while FXStreet’s analysis gave differing support and downside references, including a possible $50 level.
Investing.com’s historical XAG/USD data lists the daily low at $53.0273 per troy ounce and the close at $53.9199. FXStreet published its analysis at 18:27:09 GMT and said silver was near $54 then. The price table does not give a time for the day’s low. An earlier EconoTimes comparison of Oct. 23 FXStreet readings noted that separate updates had placed silver near $54.50 and $54.02.
FXStreet’s summary described $50 as a possible reference if silver moved below $53. Its technical section instead identified $53.50 as support and cited $53.05 as the year-to-date low. That figure differs from Investing.com’s low, which rounds to $53.03. FXStreet also listed prior swing lows at $48.64 and $45.56; those are technical markers, not confirmed future prices.
FXStreet analyst Christian Borjon Valencia said the Relative Strength Index reflected continued pressure on silver and was nearing an oversold reading. The analysis said a move above $55 would strengthen the case for a bullish reversal, with $58.02 and $60 among the higher technical reference points.
CME Group’s October metals update said active silver futures fell 9.6% from August to September, settling at $60.565 an ounce. CME described the Federal Reserve’s 25-basis-point rate increase in September, elevated energy prices, inflation concerns and a stronger U.S. dollar as headwinds for precious metals. The update listed the next Federal Reserve rate decision for Oct. 28 at 2 p.m. ET (6 p.m. GMT).
