Silver is trading near $54.05 on the 4-hour chart, inside the falling channel that has guided prices lower since September. The latest rejection came near $58.09 at the top of the channel, and the drop that followed took silver to a fresh low near $53.43, just under the $53.46 support, before a small bounce.

If $53.46 gives way on a closing basis, $52.41 and then $51.39 come into play. On the upside, silver needs to clear $54.53 first, then $55.77.