- XAG/USD hovers near $28.00, pressured by bearish RSI and moving averages above current levels.
- Breaking below $28.00 opens the door for further declines toward $27.71, potentially targeting the 200-DMA at $26.59.
- Bulls must reclaim the 100-DMA at $29.14 to shift momentum and regain control over Silver prices.
Silver price ended Tuesday’s session with losses of more than 1.50%, after economic data in the US hints that manufacturing activity continues to decelerate. Although it justifies the Federal Reserve’s first interest rate cut in September, the Greenback advanced sharply on relief that the labor market is cooling gradually. The XAG/USD trades at $28.05.
XAG/USD Price Forecast: Technical outlook
At the time of writing, XAG/USD hovers around the $28.00 mark after hitting a two-week low of $27.71, yet buyers recovered some ground. However, momentum is tilted bearish, as shown by the Relative Strength Index (RSI) and the 50 and 100-daily moving averages (DMAs) standing above the current Silver price.
For a bearish resumption, XAG/USD must clear the $28.00 figure, followed by the September 3 low of $27.71. Further weakness will sponsor a leg-down toward the August 14 swing low of $27.18, followed by the 200-day moving average (DMA) at $26.59.
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