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Silver turns lower after false breakout as Warsh speech lifts yields

XAG/USD was quoted at $66.76, down 3.6%, after the move below $69.00 followed Warsh’s hawkish Jackson Hole comments that pushed Treasury yields higher.

Reported · Written up by our desk · Major Pairs

Silver prices reversed after a failed attempt above $70.00, with XAG/USD dropping below $69.00 following remarks by Federal Reserve Chair Kevin Warsh at the Jackson Hole meeting.

FXStreet said Warsh’s hawkish tone lifted US Treasury yields, weighing on the precious metal, and noted that XAG/USD was trading at $66.76 at the time of writing, down 3.6%.

The newsletter also pointed to technical signals, saying the false breakout could lead to a deeper pullback even as short-term price action remains upward biased.

For recovery, Silver would need to reclaim $70.00, while a break below $66.00 was flagged as the near-term “path of least resistance,” potentially putting $65.00 and then the 50-day SMA into focus, before lower levels such as $60.00.

Latest closeSilver $68.61 ▼0.0%

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