Silver Holds Losses Near $57.50 as Bearish Bias Persists
XAG/USD trades lower for the third consecutive day around $57.40, maintaining a bearish bias as the price moves within a descending channel pattern.
XAGUSD
Silver (XAG/USD) remains under pressure during European hours on Thursday, extending its losing streak to three sessions. The spot price is hovering near $57.40 per troy ounce, consolidating just below the $57.50 level.
Technical analysis on the daily chart reveals that the pair is moving within a descending channel pattern, which signals that the bearish momentum is still intact. The prevailing bias suggests further downside potential unless the price breaks above the channel's upper boundary.
Source: FXStreet Forex News