XAG/USD trades near $58.10 after two days of losses, with technical indicators signaling sustained bearish pressure.
Silver prices steadied near $58.10 per troy ounce in European trading Tuesday, recovering slightly after two consecutive sessions of declines. The metal remains trapped in a descending channel, reinforcing seller dominance as it trades below key moving averages.
The XAG/USD pair continues to track below both the nine- and 50-period EMAs, while the 14-day RSI at 37.04 underscores persistent downside momentum. Analysts note the clustering of short- and medium-term EMAs above the current price level, suggesting any rallies are likely corrective within a broader downtrend.
Immediate support lies at the June 24 low of $55.63, with further downside risk toward $46.90 if the channel holds. Resistance is seen at $59.37, followed by $60.60, with a breakout needed to target the 50-day EMA at $66.63.