Silver Price Analysis: Flag resistance again caps gains

• Silver remains stuck in a bull flag pattern.
• Bulls failed to cut through the flag resistance earlier today.

Silver's struggle for a bull flag breakout continues. 

The semi-precious metal failed to cut through the upper end of the flag early Friday and is now trading in the red near $17.73 per ounce. The bulls have failed to establish a strong foothold above the flag hurdle in three of the last four days. 

The outlook would remain neutral while the metal is held within the flag pattern. A close above the upper end, currently at $17.86 would imply a resumption of the rally from the May low of $15 and would open the doors for a break above $20.

However, the lower end of the flag, currently at $16.58, will likely come into play if prices drop below $17.38, validating Wednesday's bearish outside day candlestick pattern. 

Daily chart

Trend: Neutral

Technical levels