Silver Price Forecast: XAG/USD dips as US Dollar strength pushes price below $31.00

• Silver retreats over 1.14% as traders shift focus to the Greenback, though remains up 1.90% for the week.
• Technicals indicate a bearish trend with potential support at $30.00 after breaking below the 100-day SMA.
• RSI trends suggest bearish momentum is increasing, indicating possible further declines in silver prices.

Silver's price retreats over 1.14% on Wednesday, yet it remains up 1.90% in the week as traders ditch the grey metal in favor of the Greenback. At the time of writing, XAG/USD trades at $30.82 a troy ounce, beneath the $31.00 psychological mark.

XAG/USD Price Forecast: Technical outlook

The non-yielding metal trades within the $30.38-$31.75 range, guarded by the 100- and 50-day Simple Moving Averages (SMAs), respectively. Despite being range-bound, the XAG/USD is downward biased in the short term as the precious metal achieves successive series of lower highs and lower lows.

Once sellers push XAG/USD below the 100-day SMA, a bearish resumption will occur. If cleared, the next support would be $30.00 a troy ounce, followed by the November 14 swing low of $29.68 and the 200-day SMA at $28.88.

If buyers moved in and pushed XAG/USD above $31.00, the 50-day SMA would be next, ahead of the $32.00 figure.

Indicators such as the Relative Strength Index (RSI) hint that bears continue to gather steam. Therefore, further XAG/USD downside is expected.

XAG/USD Price Chart - Daily