Silver saw good two-way action on Monday, bears dominate. Risk-aversion amid oil shock and coronavirus spooks investors. Downside looks more compelling amid a potential bearish pennant on hourly sticks. Silver (XAG/USD) prices are seen rebounding from a fresh five-day low of $16.56 reached in early Europe. However, the bounce continues to face stiff resistance just above the $17 mark. In the Asian opening trades, the precious metal hit the highest in six days at 17.60, tracking the rally in Gold prices. The yellow metal topped $1700 earlier today amid a massive flight to safety, fueled by the heightening fears over the coronavirus outbreak and oil-price plunge. The XAG bears then took over control as the oil slump exacerbated the market chaos and intensified fears over the global economic growth, which eventually rendered negative for the industrial metal, silver. Silver prices: Short-term technical outlook Silver prices have charted a potential bearish pennant formation on the hourly chart, which is usually a bearish continuation pattern. Therefore, a test of the 16 level cannot be ruled if the pattern is validated on a break below the pennant support near 16.70. The hourly Relative Strength Index (RSI) trades below the midline around 40 and has further room southwards, suggesting the path of least resistance appears to the downside. Adding to the bearish momentum, the price trades below all the major hourly Simple Moving Averages (SMAs). On the flip side, only a sustained break above the pennant resistance of 17.06 will bump up the recovery momentum towards the bearish 21-hourly SMA at 17.15. The next resistances are aligned at the horizontal 100-hourly SMA of 17.22 and 17.30, the confluence of the 50 and 200-hourly SMAs. Silver technical levels to consider FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Coronavirus: Portfolios should be well-diversified – Deutsche Bank FX Street 3 years Silver saw good two-way action on Monday, bears dominate. Risk-aversion amid oil shock and coronavirus spooks investors. Downside looks more compelling amid a potential bearish pennant on hourly sticks. Silver (XAG/USD) prices are seen rebounding from a fresh five-day low of $16.56 reached in early Europe. However, the bounce continues to face stiff resistance just above the $17 mark. In the Asian opening trades, the precious metal hit the highest in six days at 17.60, tracking the rally in Gold prices. The yellow metal topped $1700 earlier today amid a massive flight to safety, fueled by the heightening fears over… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.