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Silver price (XAG/USD) extends its losses for the second session, trading around $30.90 per troy ounce during the Asian hours on Friday. The daily chart analysis indicates a momentum shift to bearish from bullish bias as the pair has broken below the ascending channel pattern.The XAG/USD pair moves below the nine- and 14-day Exponential Moving Averages (EMA), indicating an ongoing bearish outlook and signaling to weaken short-term price momentum. This points to increasing selling interest and raises the likelihood of further price depreciation.Additionally, the 14-day Relative Strength Index (RSI) falls below the 50 mark, further confirming the emergence of the bearish bias.On the downside, the XAG/USD pair could navigate the region around the psychological level of $30.00, followed by a “throwback support” level at its three-month low of $29.65, which was recorded on November 28.The immediate barriers appear at the 14-day EMA at $31.18, followed by the nine-day EMA at $31.22. A break above these levels could cause the bullish bias to re-emerge and help the Silver price to return to the ascending channel pattern.A return to the channel would support the XAG/USD pair to retest its five-week high of $32.28, followed by the ascending channel’s upper boundary at $33.00.
XAG/USD: Daily Chart
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