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.

Anil Panchal FXStreet

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

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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