Silver (XAG/USD) has extended its losing streak for the fifth consecutive day, falling nearly 5% and trading around $64.60 per troy ounce during European hours on Monday [1]. The metal reached a 15-week low of $61.01 earlier in the session, highlighting strong downside pressure [1]. Technical analysis indicates that silver is moving within a descending channel pattern, with the price decisively slipping below the 50-day Exponential Moving Average (EMA) and distancing itself from the nine-day EMA, confirming a persistent bearish bias after a period of consolidation [1].
The 14-day Relative Strength Index (RSI) stands at 28.92, placing silver in oversold territory and underscoring strong selling momentum. However, this also suggests that the current decline may be approaching stretched conditions, with future direction dependent on how the price reacts to nearby resistance levels during any potential rebound [1].
On the downside, further declines could push silver toward the lower boundary of the descending channel, around $21.00 [1]. On the upside, a rebound could see silver price move toward the nine-day EMA at $74.72 and the upper boundary near the 50-day EMA at $80.36. A break above this resistance zone would shift the bias to bullish and potentially support a move toward the all-time high of $121.66, recorded on January 29 [1].
No analyst opinions or forward-looking statements beyond technical projections are provided in the source article [1].
CONCLUSION
Silver is experiencing significant downward momentum, trading near 15-week lows and showing persistent bearish technical signals. While oversold conditions suggest a possible rebound, further declines remain possible unless resistance levels are breached. The market impact is high, with traders closely watching for signs of reversal or continued weakness.