Silver's uptrend tested as it nears key support at 50 and 100-DMAs between $29.17 and $29.13.
RSI neutral, indicating potential for more downside if direction doesn't solidify.
Below $29.00, silver may target the August 12 high of $28.03, with support at the August 14 low of $27.18.
Upside move reclaiming $30.00 could push towards June 21 high at $30.84 and July 11 peak at $31.75.
Silver prices tumbled toward a critical confluence technical level on Wednesday, after bulls failed to sustain the grey’s metal quote above the $30.00 a troy ounce level. Therefore, the XAG/USD finished yesterday’s session with losses of 2.84%, yet as Thursday’s Asian session begins, the XAG/USD trades at $29.10, virtually unchanged.
XAG/USD Price Forecast: Technical outlook
Silver’s uptrend remains in place, but since the XAG/USD rallied from around $26.45 to $30.18, the non-yielding metal has dropped toward the current spot prices, which is also the confluence of the 50 and 100-day moving averages (DMAs) at $29.17-$29.13, respectively.
Momentum indicates that neither buyers nor sellers are in charge, as the Relative Strength Index (RSI) is neutral.
That said, if XAG/USD drops below $29.00, this could exacerbate a test of the August 12 high turned support at $28.03. Silver could challenge the August 14 swing low of $27.18 on further weakness.
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