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

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

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

The XAG/USD pair moves below the nine- and 14-day Exponential Moving Averages (EMA), indicating an ongoing bearish outlook and signaling to weaken short-term price momentum. This points to increasing selling interest and raises the likelihood of further price depreciation.

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

On the downside, the XAG/USD pair could navigate the region around the psychological level of $30.00, followed by a "throwback support" level at its three-month low of $29.65, which was recorded on November 28.

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 re-emerge and help the Silver price to 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 ascending channel's upper boundary at $33.00.

XAG/USD: Daily Chart