Silver Price Forecast: Silver (XAG/USD) declined from a two-day high of $32.00 and fell below the 50-day simple moving average (SMA) to $31.37 late in the North American session.
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Silver Technical Outlook
Silver price remains in a bullish trend despite the continuous decline. A drop in the US Treasury yields prevented the grey metal from falling further, but could trigger a deeper drop below $30.80. In that outcome, the next support would be the 100-day SMA at $30.20, followed by the September 5 high at $29.25.
To resume the uptrend, it is imperative for silver to close above the $31.50 area. This could pave the way to challenge the high of $31.75. A break above the latter level would reveal $32.00, followed by the May 20, 2024 peak of $32.50. Near-term momentum is bearish as per the Relative Strength Index (RSI)
