Silver price tests a “throwback support” at the psychological level of $30.00.
The pair remains confined within a descending channel pattern, signaling a strong bearish bias.
A decisive break below the throwback support could drive the Silver price to approach its three-month low of $27.69.
Silver price (XAG/USD) extends its losses for the second successive day, trading around $30.00 per troy ounce during the European hours on Thursday. The daily chart analysis indicates a dominant bearish bias, with the pair consolidating within a descending channel pattern. Additionally, the 14-day Relative Strength Index (RSI) remains below the 50 mark, further supporting the bearish sentiment.
The XAG/USD pair continues to trade below the 14- and nine-day Exponential Moving Averages (EMA), reinforcing a bearish outlook and signaling weakening short-term price momentum. This points to limited buying interest and raises the likelihood of further price declines.
In terms of the upside, the Silver price finds a primary barrier around the nine-day Exponential Moving Average at $30.54, followed by the 14-day EMA at $30.78. Further resistance appears around the upper boundary of the descending channel at 31.20 level.
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