Silver price drops over 1.5% after reaching a two-month high of $31.43, currently trading at $30.66.
A daily close below $30.66 could exacerbate a drop toward the psychological $30.00 level, targeting the 100-day moving average (DMA) and the 50-DMA.
If XAG/USD remains above $31.00, a re-test of the September 20 high at $31.44 is possible.
Silver price retreats after hitting a two-month high of $31.43, falls over 1.50% and trades at $30.66 at the time of writing. Although US economic data was soft and US Treasury yields remained unchanged, the grey metal failed to gain traction on Monday.
XAG/USD Price Forecast: Technical outlook
Silver is upward biased, though a decisive breach below the downslope resistance trendline turned support can pave the way for further downside. The Relative Strength Index (RSI) peaked shy of cracking 64 and edged lower, indicating that sellers are stepping in.
If XAG/USD prints a daily close below $30.66, that could exacerbate a drop to challenge the $30.00 mark. On further weakness, the next stop would be the 100-day moving average (DMA) at $29.47, followed by the 50-DMA at $28.96.
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