Silver Price Remains Supported
There was yet another failure in Silver price near $17.20 against the US Dollar. Buyers struggled to place the price above $17.20 and as a result, there was a downside move towards $16.80
However, downsides remain supported above $16.95. There is a crucial bullish trend line with support at $16.95 forming on the hourly chart. The 100 hourly SMA is also positioned near $16.95.
Therefore, dips towards $16.95-16.90 remain supported. As long as the price is above the 100 SMA and the trend line, it could make another upside attempt to go through $17.20 in the near-term.