• Silver remains under some selling pressure on Thursday and hangs near a three-week low.
• The recent breakdown below key technical levels supports prospects for additional losses.
• Any attempted recovery might now be seen as a selling opportunity and remain capped.

Silver (XAG/USD) trades with negative bias for the second straight day on Thursday and languishes near the $31.00 mark, just above its lowest level since mid-October touched the previous day. 

From a technical perspective, the overnight decline confirmed a short-term ascending trend-channel breakdown. A subsequent slide below the 50-day Simple Moving Average (SMA) was seen as a fresh trigger for bearish traders. Furthermore, oscillators on the daily chart have been gaining negative traction and suggest that the path of least resistance for the XAG/USD remains to the downside. 

Hence, some follow-through weakness towards testing the 100-day SMA support, currently pegged near the $30.40-$30.35 area, looks like a distinct possibility. The downfall could eventually drag the XAG/USD below the $30.00 psychological mark, toward the next relevant support near the $29.70 zone en route to the $29.00 round figure and the key 200-day SMA, around the $28.55 region.