Silver dipped below 17.00 on Friday after a short phase of consolidation and is currently trying to pare its losses on the 4-hour chart. The bias is neutral as the RSI and the MACD are laying in their neutral zones, while the metal itself has rebounded inside the Ichimoku cloud.
Should the metal head up, resistance could be first met at the 17.00 key-level before the previous high at 17.22 come into view. Next, the top at 17.44 touched on October 16 could act as a potential resistance.
Alternatively, a negative foot would first target the previous low of 16.75 and then the area around 16.58 which has been approached recently. From here, any downside movements would see the two-month low of 16.30.
