Silver Price Analysis: Slips below $17.00 inside immediate falling channel
|- Silver Prices extend pullback from $17.63, prints two-day losing streak.
- A confluence of 200-HMA, 50% Fibonacci retracement adds to the support.
- Channel break can refresh monthly high, target late-January top during the further rise.
Silver prices drop to $16.83, down 1.58% on a day, during the early Friday’s trading. Even so, the industrial metal stays inside a short-term falling trend channel.
That said, the channel’s support line around $16.72 seems to gain the intraday sellers’ attention. However, additional downside past-$16.72 could be challenged by the oversold RSI conditions.
If bears ignore RSI, 50% Fibonacci retracement of May 13-20 upside and 200-HMA, around $16.50/47, appears on their radar.
Meanwhile, the bullion’s ability to defy the channel formation by crossing $17.22 resistance can propel it to refresh the monthly high past-$17.63.
Silver hourly chart
Trend: Further downside likely
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