**BREAKING: Silver Extends Three-Day Decline, Trapped in Bearish Channel**
Silver prices continued their downward slide for a third straight session Thursday, hovering near $57.40 per troy ounce during European trading hours. The XAG/USD pair remains locked within a descending channel pattern on daily charts, signaling persistent bearish momentum with no immediate reversal signs.
Technical indicators point to sustained selling pressure as the precious metal struggles to find support at current levels. The descending channel formation suggests traders should prepare for potential further downside if the pattern holds. The weakness comes as silver fails to attract safe-haven flows despite broader market uncertainty.
Market participants are closely monitoring whether silver can break above channel resistance or if the metal will test lower support levels in coming sessions. The three-day losing streak reflects diminishing bullish conviction among precious metals traders.
**
FXnCO Insight
** Traders should watch for a decisive break above the descending channel resistance before establishing long positions, as current technical structure favors continued downside risk toward the next support zone.
Source: FXStreet