Silver Price Forecast: XAG/USD tests $30.00, next barrier appears at nine-day EMA

• Silver price tests a "throwback support" at the psychological level of $30.00.
• The pair remains confined within a descending channel pattern, signaling a strong bearish bias.
• A decisive break below the throwback support could drive the Silver price to approach its three-month low of $27.69.

Silver price (XAG/USD) extends its losses for the second successive day, trading around $30.00 per troy ounce during the European hours on Thursday. The daily chart analysis indicates a dominant bearish bias, with the pair consolidating within a descending channel pattern. Additionally, the 14-day Relative Strength Index (RSI) remains below the 50 mark, further supporting the bearish sentiment.

The XAG/USD pair continues to trade below the 14- and nine-day Exponential Moving Averages (EMA), reinforcing a bearish outlook and signaling weakening short-term price momentum. This points to limited buying interest and raises the likelihood of further price declines.

In terms of the upside, the Silver price finds a primary barrier around the nine-day Exponential Moving Average at $30.54, followed by the 14-day EMA at $30.78. Further resistance appears around the upper boundary of the descending channel at 31.20 level.

On the downside, the Silver price tests a "throwback support" at the psychological level of $30.00. A successful breach below this level could deepen bearish sentiment, potentially driving the asset price lower toward its three-month low of $27.69, followed by the descending channel's lower boundary at $27.50.

XAG/USD: Daily Chart