Silver is under heavy downside pressure on Thursday as gold prices continue to slump, and traders sell any major rallies in the shiny metal. A bearish breakout from a symmetrical triangle pattern is in play while the price of silver trades below the $26.80 resistance level. The Parabolic SAR indicator is showing that four-hour trend for silver is bearish below the $25.80 support level.
XAGUSD is only bullish while trading above the $26.80 level, key resistance is found at the $27.30 and the $27.80 levels.
If XAGUSD trades below the $26.80 level, sellers may test the $25.80 and $25.00 support levels.