XAG/USD remains weaker for the third consecutive day, trading around $57.40 per troy ounce during the European hours on Thursday.
The technical analysis of the daily chart shows that the spot price is moving downwards within the descending channel pattern, indicating a prevailing bearish bias
The XAG/USD pair is extending its slide beneath the short- and medium-term trend metrics as the nine-period and 50-period Exponential Moving Averages (EMAs) now act as overhead resistance. The setup maintains a clear bearish near-term bias, while the 14-day Relative Strength Index (RSI) hovering around 27 in oversold territory suggests downside pressure is stretched but not yet reversed. Silver price could test the immediate support at nearly seven-month low of $55.63, recorded on June 24, followed by the lower boundary of the descending channel around $55.00.
On the upside, the primary barrier lies at the nine-day EMA of $62.89, followed by the upper boundary of the descending channel around $68.60. Further advances above the channel would cause the bullish reversal and lead the XAG/USD pair to test the 50-day EMA at $71.46. (The technical analysis of this story was written with the help of an AI tool.) Silver FAQs Silver is a precious metal highly traded among investors. It has been historically used as a store of value and a medium of exchange.