#XAGUSD @ 19.122 -imp levels: Silver prices remain choppy trading as investors prepare for Powell’s speech at Jackson Hole.

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• Silver prices remain choppy trading as investors prepare for Powell’s speech at Jackson Hole.
• XAG/USD benefitted from thin liquidity conditions and a soft greenback which, despite gaining, traded off the week’s highs.
• Fed’s Kashkari: Inflation is very high, and the Fed will relax until further evidence shows that inflation is reaching 2%.

The pair currently trades last at 19.122.

The previous day high was 19.28 while the previous day low was 18.8. The daily 38.2% Fib levels comes at 19.1, expected to provide support. Similarly, the daily 61.8% fib level is at 18.98, expected to provide support.

Silver prices remain subdued on late Wednesday after Wall Street closed, with US equities recording minimal gains on a day characterized by thin market volatility as traders brace for Fed Chair Jerome Powell’s speech on Jackson Hole. At the time of writing, XAG/USD is trading at $19.15 a troy ounce, up by 0.13%.

On Wednesday, XAG/USD opened near the day’s high at around $19.10 before diving toward the daily lows at $18.93. However, buyers lifted white metal prices, reclaiming the $19.00 figure, and hitting a daily high at $19.22, before settling at current price levels.

Before the New York Stock Exchange (NYSE) opened, US Durable Good Orders for July unexpectedly jumped, as shown by data released by the US Commerce Department. Headline Orders were unchanged on a monthly reading while excluding defense and aircraft; so-called core Durable Good Orders rose by 0.4%, higher than estimates at 0.3%.

Later, US Pending Home Sales fell for the sixth consecutive month, collapsing by 19.9% YoY, less than 22% contraction, while on a month-over-month, it fell -1%, vs. -4% forecasts.

The US Dollar Index, a gauge of the greenback’s value against a basket of six currencies, extended its gains by 0.09%, at 108.600, while the 10-year US Treasury note rate at 3.109%, gaining six bps.

On Tuesday, Minnesota Fed President Neil Kashkari said that inflation is very high, and it is the Fed’s job to bring it down. He emphasized the need to tighten monetary policy and added that the Fed could only relax on rate increases when they see compelling evidence of inflation heading toward 2%.

The US economic docket will feature the GDP growth rate for the second quarter, Initial Jobless Claims, and the Kansas City Fed Manufacturing Index for August.

Technical Levels: Supports and Resistances

XAGUSD currently trading at 19.15 at the time of writing. Pair opened at 19.12 and is trading with a change of -0.05 % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 19.99, 50 SMA 19.93, 100 SMA @ 21.38 and 200 SMA @ 22.54.

The previous day high was 19.28 while the previous day low was 18.8. The daily 38.2% Fib levels comes at 19.1, expected to provide support. Similarly, the daily 61.8% fib level is at 18.98, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 18.85, 18.59, 18.37
• Pivot resistance is noted at 19.34, 19.55, 19.82

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