Silver Price Soars to Two-Month Highs Ahead of Jackson Hole Speech

The silver price (XAG/USD) surged to fresh two-month highs on Friday, trading at $70.44 as investors await insights from Federal Reserve Chairman Kevin Warsh's speech at the Jackson Hole Symposium. The white metal has been on a four-week rally, extending gains for the second consecutive day.

The Fed's recent guidance has been somewhat unclear, with poor performance in July's monetary policy meeting sparking calls for immediate monetary tightening. Kansas Fed President Jeffrey Schmidt and Cleveland Fed President Beth Hammack have advocated for such action following hot US Personal Consumption Expenditures (PCE) Price Index figures.

Bulls are eyeing the 200-day Simple Moving Average (SMA), currently at $72.50, as a key resistance area. However, technical analysis suggests that bulls may face resistance in the mid-June highs between $71.35 and $71.55 before reaching this target.