Silver Price Analysis: Declining in a falling channel

Silver (XAG/USD) looks like it has started to form a descending channel on the 4-hour chart and the evidence is building to argue that it is probably in a short-term downtrend now too.
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United States New Home Sales (MoM) came in at 0.619M below forecasts (0.64M) in May

United States New Home Sales (MoM) came in at 0.619M below forecasts (0.64M) in May
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