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Silver struggles below $70 as buyers stall near recent highs
Silver (XAG/USD) was quoted around $69.17, after last week’s rally left it near its highest level since mid-June, with firmer US dollar pressure capping gains.
Silver prices were little changed on Monday, holding near recent highs but with buyers failing to push through the $70 psychological level, according to FXStreet. At the time of writing, XAG/USD traded around $69.17 after a strong rally last week.
FXStreet said the broader backdrop has remained supportive for precious metals following a US Treasury buyback announcement and fading expectations for an imminent Federal Reserve rate hike. However, the US dollar was firmer on Monday, which limited Silver’s upside.
The outlook is still being shaped by interest rate uncertainty, with FXStreet pointing to elevated energy driven inflation risks tied to tensions in the Middle East. The pair’s near term technical picture stays bullish while price holds above the 100 day moving average near $68, with the upper Bollinger band near $70.86 acting as the next upside area.
Later in the week, FXStreet noted the Personal Consumption Expenditures Price Index due Wednesday could influence expectations for the Fed’s September policy meeting, and Fed Chair Kevin Warsh’s Jackson Hole speech on Friday is also expected to be closely watched. Key resistance is seen near $70 and the 200 day moving average around $72.13, while support sits near $68 and then around the Bollinger middle band near $63.
Latest closeSilver $64.83 ▼0.1%