Silver Price Analysis: Probes weekly falling channel above $17.00
|- Silver prices remain bid for the third day in a raw.
- Bulls’ dominance beyond the channel could refresh the monthly top.
- The early-month tops could regain the market’s attention below the channel’s support.
Silver prices rise 0.36% to $17.32 amid the Asian session on Thursday. In doing so, the bullion confronts the resistance line of a short-term falling trend channel.
The bearish chart formation suggests a pullback from $17.40 towards $17.00 and then to the channel’s support of $16.60.
Should the selling pressure remain strong after $16.60, the early-month top near $15.65/60 could return to the chart.
Meanwhile, an upside clearance of $17.40 can quickly refresh the monthly high of $17.64 whereas $18.00 will be on the bulls’ radars afterward.
Silver four-hour chart
Trend: Pullback expected
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