XAG/USD drops for a second day, trading near $56.80 as technical indicators signal sustained downside pressure.
Silver prices extended losses for a second straight session, trading around $56.80 per troy ounce in European hours. The XAG/USD pair remains below the upper boundary of a descending channel, reinforcing a bearish outlook as sellers prevent a breakout above key moving averages.
The spot price holds below both the nine-day and 50-day Exponential Moving Averages (EMAs), with the shorter EMA aligned beneath the longer one. The 14-day Relative Strength Index (RSI) at 35 indicates weak but not extreme selling momentum, while the pair tests support near the June 24 low of $55.63.
Immediate resistance lies at $58.50, followed by the nine-day EMA at $58.68. A break above this zone could shift sentiment bullish, targeting the 50-day EMA at $65.93.