Silver Price Forecast: XAG/USD remains sideways near $68.50, Fed Warsh’s speech awaited

Silver price (XAG/USD) remains steady around $68.50 during the European session on Thursday, as investors await Federal Reserve Chairman Kevin Warsh's speech at the Jackson Hole Symposium on Friday. The metal is trading within a narrow range of $67.35 and $70, showing a lack of clear direction. Fed Chair Warsh's comments on inflation and interest rates are expected to influence market sentiment.

The US Dollar's performance, which is priced in USD, also plays a significant role in determining Silver's price. A stronger Dollar tends to suppress Silver prices, while a weaker Dollar can boost them. Strategists believe that if Warsh reaffirms the Fed's commitment to bringing inflation down to their 2% target, it could make non-yielding assets like Silver less attractive.

Technical analysis indicates that the metal has a bullish near-term bias, with support at the 20-day Exponential Moving Average ($65.34) and momentum nearing overbought territory. Silver's industrial demand, particularly in electronics and solar energy, along with investment, recycling, and geopolitical factors, can also impact its price.