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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 price16.92
Today Daily Change-0.18
Today Daily Change %-1.05%
Today daily open17.1
 
Trends
Daily SMA2015.71
Daily SMA5014.94
Daily SMA10016.36
Daily SMA20016.95
 
Levels
Previous Daily High17.57
Previous Daily Low16.88
Previous Weekly High16.73
Previous Weekly Low15.28
Previous Monthly High15.85
Previous Monthly Low13.82
Daily Fibonacci 38.2%17.14
Daily Fibonacci 61.8%17.31
Daily Pivot Point S116.8
Daily Pivot Point S216.5
Daily Pivot Point S316.11
Daily Pivot Point R117.49
Daily Pivot Point R217.87
Daily Pivot Point R318.17

Author

Anil Panchal

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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