- Silver price drops 2% and falls below the 100-day SMA at $28.61.
- Failure to close above $29.00 intensifies bearish momentum; next support at $28.00 and July 29 low of $27.31.
- Resistance seen at the 50-day SMA ($29.86) and the psychological level of $30.00 if the upside move resumes.
Silver prices reversed on Thursday, falling from weekly highs of $29.15 amid rising tensions between Hamas, Hezbollah and Israel and recession concerns surrounding the US economy. XAG/USD is trading at $28.37, down more than 2%.
Silver Price Analysis: Technical Outlook
The precious metal shifted to a neutral stance as prices fell below the 100-day moving average (SMA) at $28.61, signaling weakness for the bulls. They failed to manage a daily close above $29.00, exacerbating a drop to a two-day low of $28.22.
If XAG/USD drops below $28.00, the grey metal will challenge the latest cycle low at $27.31, the bottom level of July 29. On further weakness, sellers target the 200-day SMA at $25.98.
On the other hand, if the XAG/USD rises above $29.00, the next ceiling level will be the 50-day SMA at $29.86, followed by the psychological level of $30.00.
Silver Price Action – Daily Chart
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
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