Silver struggles to maintain momentum, hovering near the 100-day SMA at $30.34 with a downward bias.
Potential further decline could see silver test key supports at $30.00 and the 200-day SMA at $28.63.
A rebound above $31.00 could challenge higher resistances, targeting the 50-day SMA at $31.51 and beyond.
Silver's price fell over 0.70% beneath $30.30 after robust US Retail Sales data suggested the Federal Reserve could gradually ease policy. At the time of writing, the XAG/USD trades at $30.21 after hitting a daily peak of $30.81.
XAG/USD Price Forecast: Technical outlook
Silver price remains subdued at around the 100-day Simple Moving Average (SMA) at $30.34. Nevertheless, 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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