Silver Price Forecast: XAG/USD juggles nominally above $24.00 ahead of data-packed week

Silver price oscillates around $24.00 as investors await a fresh economic trigger.
August economic data carry a higher impact as they will be considered primarily for September’s monetary policy.
Silver price trades directionless near the 61.8% Fibonacci retracement at $24.12.

Sagar Dua FXStreet

Silver price (XAG/USD) has traded in a narrow range marginally above $24.00 for the past four trading sessions. The white metal struggles to find direction despite Federal Reserve (Fed) Chair Jerome Powell delivering a hawkish commentary at the Jackson Hole Symposium on Friday.

Fed Powell kept doors open for more interest rate hikes as the achievement of price stability in the United States economy has a long way to go. Jerome Powell said that further policy action will be dependent on incoming data. Investors will keep focus on the labor market and the factory activity data. August economic data carry a higher impact as they will be considered primarily for September’s monetary policy.

The S&P500 opens on a positive note despite rising expectations of one more interest rate hike from the Fed in 2023. Cleveland Fed Bank President Loretta Mester said she supports one more interest rate hike, though not necessarily in September. The US Dollar Index (DXY) demonstrates a lackluster performance at around 104.00.

As per the CME Group Fedwatch Tool, there is a more than 80% chance of the Fed keeping interest rates unchanged in September, while the majority of investors are betting on an interest-rate hike in November.

Silver technical analysis

Silver price trades directionless near the 61.8% Fibonacci retracement (plotted from July 20 high at $25.27 to August 15 low at $22.23) at $24.12 on a two-hour scale. Upward-sloping 20-period Exponential Moving Average (EMA) at $24.17 is providing support to the Silver bulls.

The Relative Strength Index (RSI) (14) shifts into the 40.00-60.00 range from the bullish range of 60.00-80.00, which indicates that the bullish impulse has faded. However, the upside bias is still intact.

Silver two-hour chart

XAG/USD

Overview
Today last price	24.26
Today Daily Change	0.02
Today Daily Change %	0.08
Today daily open	24.24

Trends
Daily SMA20	23.32
Daily SMA50	23.53
Daily SMA100	23.98
Daily SMA200	23.35

Levels
Previous Daily High	24.38
Previous Daily Low	23.92
Previous Weekly High	24.38
Previous Weekly Low	22.67
Previous Monthly High	25.27
Previous Monthly Low	22.52
Daily Fibonacci 38.2%	24.21
Daily Fibonacci 61.8%	24.1
Daily Pivot Point S1	23.98
Daily Pivot Point S2	23.72
Daily Pivot Point S3	23.51
Daily Pivot Point R1	24.45
Daily Pivot Point R2	24.65
Daily Pivot Point R3	24.91

Author

Sagar Dua

FXStreet

Sagar Dua is associated with the financial markets from his college days. Along with pursuing post-graduation in Commerce in 2014, he started his markets training with chart analysis.

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