Silver price at the close of the session on August 26th: Turns to increase, waiting for data from the US

Domestic silver prices

World silver price

As of 6:00 PM, world silver prices are listed around the threshold of 68.46 USD/ounce compared to the previous day.

Silver price forecast

Silver prices continue to maintain their upward momentum in the context that the precious metal market is supported by expectations that US monetary policy may become less tight. However, after a recent strong increase, silver prices are under profit-taking pressure as investors are waiting for important US economic data, especially the July PCE inflation report and the statement of US Federal Reserve (Fed) Chairman Kevin Warsh at the Jackson Hole conference.

Recent signals show that US inflation is showing signs of cooling down, while some economic data such as consumer confidence and new home sales are weakening. This increases expectations that the Fed may maintain the current interest rate level or tend to ease in the near future. Lower interest rates often create a favorable environment for non-performing assets such as gold and silver.

Besides the interest rate factor, silver also receives support from industrial demand as this metal plays an important role in fields such as renewable energy, electronics and technology. However, in the short term, silver prices may continue to fluctuate strongly due to the USD, US bond yields and new signals from the Fed.

Technically, silver prices are approaching the important resistance zone of 69.59-70.38 USD/ounce. If this zone is surpassed, the upward trend may expand with the next target around 72 USD/ounce. Conversely, if selling pressure increases, the nearest support zone is defined around 69.02 USD/ounce, deeper is 68.67 USD/ounce and 68.10 USD/ounce.

In the near future, the diễn biến of silver prices is likely to depend on US inflation data and policy messages from the Fed. If the Fed sends softer signals, a weaker USD may create more momentum for silver. Conversely, signals showing interest rates remaining at a higher level for longer may put pressure on the precious metal to adjust.