• Silver price may find the primary support at the six-month low of $61.01.
• The 14-day Relative Strength Index at 34.64 indicates that dominant bearish momentum continues to prevail.
• The immediate resistance lies at the nine-day EMA of $66.31.

XAG/USD depreciates over 3% after registering modest gains in the previous day, trading around $63.20 per troy ounce during the Asian hours on Monday. The technical analysis of the daily chart shows that the spot price is remaining within the descending channel pattern, suggesting a prevailing bearish bias.

The XAG/USD pair is extending a bearish phase as spot remains well beneath the nine-day and 50-day Exponential Moving Averages (EMAs). The configuration of both EMAs above the price suggests rallies are likely to meet selling interest. Meanwhile, the 14-day Relative Strength Index (RSI) at 34.64 hovers just above oversold territory, hinting that bearish momentum prevails but could be losing some intensity.

The initial support lies at the six-month low of $61.01, recorded on March 23. Further declines would expose the lower boundary of the descending channel around $57.50.

On the upside, the immediate barrier lies at the nine-day EMA of $66.31, followed by the upper boundary of the descending channel around $69.70. A break above the channel would support the XAG/USD pair to test the 50-day EMA at $72.70. Further advances above the medium-term average would strengthen the bullish bias and support the XAG/USD pair to explore the area around the three-month high of $90.03, reached on March 10.

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