Silver price inches lower to near $29.60 per troy ounce during the early European session on Tuesday.
Silver price may find support around the 50-day EMA at $29.01 level. Analysis of the daily chart suggests a bearish bias as the Silver price consolidates within the descending channel pattern. The upper boundary of the descending channel at $30.50 could act as a key resistance. Analysis of the daily chart indicates a bearish bias as the XAG/USD pair consolidates within the descending channel pattern.
A break below this level could put pressure on the grey metal to navigate the region around the psychological level of $28.00, followed by the lower threshold of the descending channel around the level of $27.76. In terms of resistance, the Silver price may find the immediate barrier at the significant level of $30.00, followed by the upper boundary of the descending channel at $30.50. A breakthrough above the latter could lead the XAG/USD pair to test the four-week high of $31.55.
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