XAG/USD hovers near mid-$59.00s after three days of losses, with technical indicators signaling further downside risks.
Silver (XAG/USD) extended its decline for a third consecutive session, trading near $59.80 in Asian hours on Wednesday. The metal remains within a short-term descending channel, defending support around the mid-$59.00s, a level last tested on Tuesday.
The bearish flag pattern, formed within the channel, suggests downside momentum, reinforced by repeated failures to breach the 100-period Simple Moving Average on the 4-hour chart. Technical indicators, including a MACD reading of -0.33 and an RSI at 44.16, point to potential further weakness.
A break below the channel support could accelerate losses toward $58.35-$58.30, with deeper support at $58.00 and $57.25. Resistance lies at $62.32, followed by the upper channel line at $64.21.