Silver Price Forecast: Buyers stall near $70 after strong rally

Silver price remains stagnant near $70 after a strong rally last week, as buyers find it difficult to surpass the psychological mark. The US Dollar is stronger, hindering Silver's upward movement. Meanwhile, Gold is outperforming Silver, up nearly 1% on the day. The US Dollar's firmness limits some upside potential for Silver. Despite the supportive backdrop, the interest rate outlook remains uncertain due to Middle East tensions, which keep energy-driven inflation risks high.

Analysts are watching key US data releases, such as the Personal Consumption Expenditures (PCE) Price Index and Fed Chair Kevin Warsh's speech at the Jackson Hole Symposium. On the chart, Silver's near-term bias is bullish, with price holding above the 100-day Moving Average ($68) and the Bollinger middle band (~$63). The pair is targeting the upper Bollinger band ($70.86), while the next major hurdle is the 200-day Moving Average ($72.13).

Momentum remains positive, with the Relative Strength Index (RSI) around 65 and the MACD showing positive values. However, the Average Directional Index (ADX) around 24 suggests moderate trend strength rather than a strong breakout. Immediate support is at the 100-day Moving Average ($68), followed by the Bollinger middle band ($63) and the lower Bollinger band ($55) as a distant structural floor.