• XAG/USD climbs to $28.21, reclaiming the key $28.00 level after US JOLTS data hints at rate cuts.
• Momentum remains flat despite a bullish RSI, with key resistance at the 100-DMA of $29.14.
• Sellers must push below $28.00 to test support at $27.71 and the 200-DMA at $26.59.

Silver price recovers in late trading on Wednesday, gains over 0.74%, and trades at $28.21 at the time of writing.

US data reassured that the labor market is cooling, as the latest US JOLTS report portrays. This increased the odds for a 50-basis point interest rate cut at the next Fed meeting in two weeks. The grey metal rose, while US yields dropped and undermined the Greenback. This allowed the precious metal to reclaim the $28.00 figure.

XAG/USD Price Forecast: Technical outlook

The XAg/USD continues to hover around $28.00, yet it achieved a daily close above the latter. Momentum remains flat even though the Relative Strength Index (RSI) is bullish, but the slope is almost horizontal, hinting that neither buyers nor sellers are in control.

Key technical indicators like the 50—and 100-day moving averages (DMAs) above price action hint that Silver could test lower prices in the short term. Still, sellers need to clear key support levels on their way south.

They must drag XAG/USD prices below 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.