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

additional important levels

Overview
Today last price 16.92
Today Daily Change -0.18
Today Daily Change % -1.05%
Today daily open 17.1
 
Trends
Daily SMA20 15.71
Daily SMA50 14.94
Daily SMA100 16.36
Daily SMA200 16.95
 
Levels
Previous Daily High 17.57
Previous Daily Low 16.88
Previous Weekly High 16.73
Previous Weekly Low 15.28
Previous Monthly High 15.85
Previous Monthly Low 13.82
Daily Fibonacci 38.2% 17.14
Daily Fibonacci 61.8% 17.31
Daily Pivot Point S1 16.8
Daily Pivot Point S2 16.5
Daily Pivot Point S3 16.11
Daily Pivot Point R1 17.49
Daily Pivot Point R2 17.87
Daily Pivot Point R3 18.17

 

 

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