XAG/USD recovers from a pullback, holding above $67.40 as traders await Fed signals at Jackson Hole.
Silver (XAG/USD) erased early losses after dipping to $67.40, climbing back into the $68.00 range during European trading. The move follows a broader bullish trend, with prices steady above the prior high of $67.00, though caution ahead of the Jackson Hole Symposium limits momentum.
The US Dollar gained modest support after Wednesday’s PCE data showed inflation remaining above the Fed’s 2% target. Rate hike bets for September held at 36%, per CME Group’s FedWatch Tool. Markets remain subdued as investors await Fed Chair Powell’s speech on Friday for policy clues.
Technical resistance near $70.00 persists, with bulls eyeing the 200-day SMA around $72.40. Momentum indicators suggest the uptrend from mid-July lows below $55.00 remains intact, though psychological barriers cap gains for now.