Silver Price Analysis: XAG/USD falls near $31.00 after breaking below ascending channel

• Silver price extends losses amid a momentum shift to bearish from a bullish bias.
• The emergence of the bearish bias is confirmed when the 14-day RSI breaks below the 50 level.
• XAG/USD may find immediate barriers at the 14-day EMA at $31.17, aligned with the nine-day EMA at $31.22.

The price of silver (XAG/USD) extends its losses for a second session, trading around $30.90 per troy ounce during Asian hours on Friday. The daily chart analysis indicates a momentum shift to bearish from a bullish bias as the pair has broken below the ascending channel pattern.

The XAG/USD pair is moving below the nine-day and 14-day EMA, indicating an ongoing bearish outlook and signaling weakening near-term price momentum. This points to an increase in selling interest and increases the probability of further price depreciation.

Furthermore, the 14-day Relative Strength Index (RSI) falls below the 50 level, further confirming the emergence of the bearish bias.

To the downside, 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 reappear and help silver price 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 upper boundary of the ascending channel at $33.00.

XAG/USD: Daily Chart