Silver Price Analysis: Bulls step back from weekly horizontal resistance above $17.00
|- Silver follows immediate rising trend line but stays below weekly horizontal resistance near $17.24/27.
- Sustained trading above 200-HMA, normal RSI conditions keep buyers hopeful.
Silver prices take rounds to $17.15, down 0.45% on a day, amid the pre-Tokyo open Asian session on Monday. In doing so, the White metal stays above the immediate support line portraying Friday’s recovery moves while also failing to cross a horizontal area comprising multiple levels since May 18.
Even the bullion’s sustained trading above 200-HMA and normal RSI conditions seem to favor the buyers.
As a result, a sustained break above $17.27 will enable the bulls to question the monthly high near $17.63 while keeping eyes on the $18.00 round-figure.
Meanwhile, a downside break below $17.10, comprising the nearby support line, will have to be justified by a sturdy fall below $17.00 to aim for a 200-HMA level of $16.66.
Silver hourly chart
Trend: Bullish
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