

Market Analysis
Silver prices are holding steady near $28.00 per troy ounce during the European session on Tuesday. Analysis of the daily chart reveals a bearish outlook as the XAG/USD pair continues to consolidate within a descending channel pattern.
The 14-day Relative Strength Index (RSI) remains above the 30 level, reinforcing the downward trend. A drop below the 30 level could signal an oversold condition, suggesting a potential short-term correction.
The Moving Average Convergence Divergence (MACD) indicator also reflects a bearish trend for Silver. The MACD line is positioned above the centerline and the signal line, indicating a negative overall trend.
In terms of support, Silver may test the lower boundary of the descending channel at $26.40, followed by May’s low at $26.02.
On the resistance side, Silver could face immediate resistance near the upper boundary of the descending channel at $28.30, followed by the “throwback support turned resistance” at $28.60 and the nine-day Exponential Moving Average (EMA) at $28.63.
A move above these levels could see the XAG/USD pair approaching a two-month high around $31.75.
Paraphrasing text from "FX Street" all rights reserved by the original author.