Silver Dips to $58.20 as Bearish Channel Persists
XAG/USD fell to near $58.00 during European hours on Monday, trading around $58.20. Technical analysis shows the price remains within a descending channel pattern, indicating a prevailing bearish bias.
Silver (XAG/USD) extended its decline for a second consecutive day, falling to around $58.20 per troy ounce during Monday's European session, after nearing the $58.00 level.
A daily chart analysis reveals that the spot price remains trapped within a descending channel pattern. This technical formation typically signals continued bearish momentum unless the price breaks above the channel's upper boundary.
The sustained trading below the channel's midpoint suggests that sellers maintain control, with further downside possible in the near term.
Source: FXStreet Forex News