Silver Price Volatility: Buyers Push Back Against Sellers Amid Hawkish Tone

The silver price started the week around $66.21, down about 1.15% on the day.

However, the daily candle suggests a more complex story, with the price dropping as low as $64.74 before buyers stepped in and pushed it back toward the middle of the range.

The high of the day hit $67.20, indicating a wide swing in prices, with solid volume backing that action at 239,280 ticks.

Despite this volatility, the silver market remains trapped inside a broad consolidation zone, with sellers unable to force a break below $60 and buyers unable to push the price above $80.

The recent hawkish tone from Fed Chair Kevin Warsh at the Jackson Hole symposium has shifted expectations for the Fed's next meeting on September 15-16, with the odds of at least a 25-basis-point rate move jumping to 57.5%.

This tightening in monetary policy tends to reduce the appeal of non-yielding assets such as silver, and rising oil prices due to Middle Eastern tensions have added another layer of pressure on precious metals.