• Silver retreats from $29.11 after failing to clear key resistance at confluence of the 50 and 100-day moving averages.
• RSI signals strong bearish momentum, with next support at $27.18, followed by $27.00 and the 200-DMA at $26.62.
• A rebound above $29.15 could lift Silver toward the key psychological level of $30.00.

The Silver price plunged late in the North American session, down over 3%, and traded at $27.89 after reaching a high of $29.11. Market sentiment turned risk-averse to precious metals, while the Greenback gathered some traction amid falling US yields.

XAG/USD Price Forecast: Technical outlook

Silver prices retreated after testing the confluence of the 50 and 100-day moving averages (DMAs) at around $29.00-$29.15, which exacerbated the precious metal fall of over USD 1.00.

Sellers gathered ground as momentum turned bearish. The Relative Strength Index (RSI) is on a steepest fall, signaling that the downtrend is strong.

Once XAG/USD dropped below $28.00, the next support would be the August 14 swing low of $27.18. If surpassed, bears could drive the spot prices to $27.00 before challenging the 200-DMA at $26.62