Silver Price Forecast: XAG/USD slips below 100-day SMA, eyes $30.00

• Silver price falls 0.28%, signaling potential further downside.
• Technical indicators suggest fading bullish momentum, with a near-term focus on the 200-day SMA at $29.55.
• Resistance levels include the 100-day SMA at $30.57 and the 50-day SMA at $31.54; support could extend to $27.69 if the downtrend continues.

Silver price drops below the 100-day Simple Moving Average (SMA) of $30.57, extending its losses to four consecutive days, as the Greenback remains firm. At the time of writing, the XAG/USD trades at $30.42 a troy ounce, down 0.28%.

XAG/USD Price Forecast: Technical outlook

Silver continues to consolidate within the $30.00-$31.00 range for the last three trading days, clearing on its way to the bottom of the range, the 50 and 100-day Simple Moving Averages (SMAs).

Although the grey metal continues to respect the trend of higher highs and higher lows, bullish momentum seems to be fading as the XAG/USD spot price approaches the 200-day Simple Moving Average (SMA) at $29.55.

If Silver clears the latter, the bias will shift bearish, paving the way for testing $27.69, the September 6 swing low, followed by the August 8 low of $26.44.

On the upside, the 100-day SMA at $30.57 must be cleared before facing key resistance at the 50-day SMA at $31.54. On further strength, the next resistance would be the December 12 peak at $32.32.

XAG/USD Price Chart - Daily