SILVER PRICE FORECAST: XAG/USD DIPS BELOW 100-DAY SMA, EYES ON $30.00
- Silver struggles near 100-day SMA, with downside potential towards $30.00 and lower supports.
- Technical outlook suggests further weakness, with a key support at $30.18 and the 200-day SMA at $28.63 in focus.
- Recovery above $31.00 could challenge resistance at the 50-day SMA and extend towards $32.00.
Silver price drops below $30.50 for the second consecutive session, prints losses of over 0.90% following a tempered US inflation report. The US CPI came as expected, though he hinted that disinflation has stalled. The XAG/USD trades at $30.40, set to end the session lower.
XAG/USD Price Forecast: Technical outlook
Silver price consolidated during the last two days at around the 100-day Simple Moving Average (SMA) at $30.31. However, the mid-term bias is tilted to the downside, and once bears push prices below August’s 26 high turned support at $30.18, they will test the psychological $30.00 mark. A breach of the latter will expose the 200-day SMA at $28.63, followed by the September 6 swing low of $27.69.
If Silver moves back above $31.00, this could pave the way for challenging the 50-day SMA at $31.51. Once surpassed, XAG/USD's next resistance would be $32.00.
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