• Silver price loses 2% and falls below 100-DMA 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 50-DMA ($29.86) and psychological level of $30.00 if upward movement resumes.

Silver's price made a U-turn on Thursday and dropped from weekly highs of $29.15 amid growing tensions between Hamas, Hezbollah, and Israel and recessionary woes surrounding the US economy. The XAG/USD trades at $28.37, down over 2%.

XAG/USD Price Analysis: Technical outlook

The precious metal shifted neutrally biased, as prices fell below the 100-day moving average (DMA) at $28.61, signaling bulls' weakness. They failed to achieve a daily close above $29.00, exacerbating a dip 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 July 29 floor level. On further weakness, sellers eye the 200-DMA at $25.98