Image Source: Pixabay

Silver price (XAG/USD) is extending its losses for the third successive session, trading around $32.30 per troy ounce during the European session on Thursday. The technical analysis of the daily chart suggests a potential bearish shift, with the grey metal falling below the existing ascending channel pattern.

Silver price remains below both the nine- and 50-day Exponential Moving Averages (EMAs), indicating an ongoing weaker short-term price momentum. Furthermore, the 14-day Relative Strength Index (RSI) breaks below the 50 level, suggesting the bearish bias is active.

On the downside, the Silver price could navigate the region around the $30.00 support area. A break below this level could put downward pressure on the precious metal to test the eight-month low of $28.00, marked on April 7.

On the upside, the XAG/USD pair is testing the 50-day EMA at $32.44, followed by the nine-day EMA at the $32.72 level. A break above these levels could revive the short-term price momentum and support the pair to return to the ascending channel pattern. A further barrier appears around the seven-month high at $34.59, last seen on March 28.

XAG/USD: Daily Chart

(Click on image to enlarge)

More By This Author: