Silver prices tumble below 100-DMA at $28.49, trading at $27.86.
Bearish RSI suggests further declines, with first support at $27.31 and psychological level at $27.00.
Resistance seen at $29.00, with potential for higher prices if buyers regain control.
Silver prices traded within the 80 cents trading range, yet they lost close to 0.20% on Monday, as traders braced for a busy US economic schedule that would include crucial events such as the Federal Reserve’s monetary policy decision and the latest Nonfarm Payrolls report. The XAG/USD exchanged hands at $27.86, below its opening price.
XAG/USD Price Analysis: Technical outlook
Silver's price tumbled below the 100-day moving average (DMA) at $28.49, opening the door for lower spot prices. Momentum is bearish, as depicted by the Relative Strength Index (RSI), an indication that the non-yielding metal could test lower prices.
The XAG/USD's first support would be the July 29 low of $27.31, followed by the $27.00 psychological level. A breach of the latter will expose the latest cycle low, the May 2 bottom at $26.02, before testing the 200-DMA at $25.89.
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