• Silver prices break below 50-day SMA at $31.41, testing support at 100-day SMA at $30.28.
• Bearish momentum confirmed by RSI; further decline could target 200-day SMA at $28.55.
• Reclaiming $31.00 could see silver challenge resistance at 50-day SMA and November highs.

Silver price drops over 1.80% on Monday trading late in the New York session, trading below the $31.00 a troy ounce, amid worries about Trump’s second term could escalate a trade war. At the time of writing, the XAG/USD trades at $30.69, after hitting a daily high of $31.55.

XAG/USD Price Forecast: Technical outlook

The uptrend in Silver prices is intact, yet after falling below the 50-day Simple Moving Average (SMA) at $31.41, sponsored XAG’s leg down to test the 100-day SMA at $30.28. Indicators such as the Relative Strength Index (RSI) turned bearish, and drops further, an indication that if sellers clear the latest key support area between $30.00-$30.28, they would be in charge.