Silver Price Forecasts: XAG/USD remains bullish with dips capped above $67.40

XAG/USD’s pullback from the $70.00 area has been contained above $67.40.
US PCE inflation figures maintained pressure on the Fed to hike interest rates and provided some support to the USD.
Silver bulls remain focused on the key 200-day SMA, around 72.40.

Guillermo Alcala FXStreet

Silver’s (XAG/USD) pullback from the $70.00 area found buyers above $67.40 on Thursday to trim losses and return to the mid-range of the $68.00s during the European morning session. The broader trend remains bullish, with price action steady above previous highs around $67.00, although the cautious market, ahead of the key Jackson Hole Symposium, keeps precious metals trading within range this week.

The US Dollar received some support on Wednesday, as US Personal Consumption Expenditures (PCE) Price Index figures confirmed that inflation remains sticky, well above the US Federal Reserve's (Fed) 2% target. Bets for a September rate hike, however, remained practically unchanged, at 36%, according to the CME Group’s FedWatch Tool.

Market volatility remains subdued with Investors looking from the sidelines, awaiting Fed Chairman Kevin Warsh’s speech at the Jackson Hole summit, due on Friday. Traders are eager for further insight on the bank’s near-term policy, and his comments are likely to determine the near-term direction for US Dollar crosses and precious metals.

Technical Analysis: Bulls keep looking at the 200-day SMA

XAG/USD maintains the bullish trend from mid July lows below 55.00, with bulls struggling to break resistance at the $70.00 psychological level, focused in the area between the mid-June highs, at $71.55, and the 200-day Simple Moving Average (SMA), a closely watched indicator in FX markets, that is now fluctuating around 72.40

Momentum indicators in daily charts remain bullish, yet highlight a somewhat weaker impulse. The Relative Strength Index (14) near 63 suggests firm but not extreme bullish momentum, while the Moving Average Convergence Divergence (MACD) indicator moderates with a still-positive reading.

On the downside, initial support is seen at the previous resistance area around $67.00 $67.00, followed by a secondary floor at $63.25, which capped bears on August 18, ahead of the August 6 low, near $60.90.

(The technical analysis of this story was written with the help of an AI tool. Know more.)

Author

Guillermo Alcala

FXStreet

Graduated in Communication Sciences at the Universidad del Pais Vasco and Universiteit van Amsterdam, Guillermo has been working as financial news editor and copywriter in diverse Forex-related firms, like FXStreet and Kantox.

GBP/USD revisits 1.3530; Dollar pushes harder

GBP/USD adds to the weekly correction and recedes toward the 1.3530 zone on Friday. Indeed, Cable faces increasing selling pressure on the back of extra gains in the Greenback, particularly fuelled by Chair Warsh’s speech at the Jackson Hole Symposium and the US NFP Annual Revision (-79K).

EUR/USD breaches below 1.1600, multi-day lows

EUR/USD now accelerates its decline and retreats to seven-day troughs in the sub-1.1600 region at the end of the week. The pair’s pullback comes on the back of the strong rebound in the US Dollar after Chair Warsh delivered a hawkish message in Jackson Hole, while the US NFP Annual Revision came in at -79K.

Gold challenges its 200-day SMA near $4,530

Gold’s decline gathers fresh steam, hitting weekly lows while disputing its critical 200-day SMA near $4,530 per troy ounce. The yellow metal’s increasing weakness comes in response to the generalised upbeat tone in the US Dollar and the widespread rebound in US Treasury yields, as investors continue to reprice a Fed rate hike in September.

Crypto Today: Bitcoin, Ethereum, XRP rally loses steam despite steady ETF inflows

Bitcoin is back below $80,000 at the time of writing on Friday, after a second attempt at breaking resistance between $81,000 and $82,000. Meanwhile, Ethereum and Ripple mirror Bitcoin’s cooling trend, with ETH sliding to $2,500 and XRP falling toward $1.40 support.

Week ahead – RBNZ and BoC decide on rates ahead of all-important US NFP

Dollar rebounds ahead of ISM PMI and NFP data. RBNZ is expected to raise rates; focus to fall on forward guidance. BoC is set to remain on hold; will it raise rates in 2027?

Diesel’s record $100 warning: The oil shock hiding in plain sight

The Oil market may look calmer than it did a few months ago, but diesel is sending a very different message. The US diesel crack spread, the premium of ultra-low sulphur diesel futures over WTI, recently surged above $100 per barrel for the first time, reaching an intraday record of just over $102.00.