Silver Prices Eye $79 Resistance as Market Awaits Fed Signals

Silver prices have been climbing steadily in August, reaching two-month highs above $68 an ounce. Investors are awaiting fresh policy signals from Federal Reserve Chair Kevin Warsh at the Jackson Hole symposium on Friday. Despite slightly hotter-than-expected U.S. inflation data, concerns over global debt continue to support demand for the precious metal.

Market analyst Rashad Hajiyev has identified $79 as a key resistance level for silver prices. A technical view shared by Hajiyev suggests that once silver completes its current consolidation, major resistance comes at the $79 price level. There are three possible outcomes if silver reaches this level: rejection and correction, a false breakout followed by a deeper decline, or consolidation just below resistance before a genuine breakout.

Hajiyev's preferred scenario is the third, where the silver price would reach $77-$78, trade beneath $79 for several weeks, and then break higher. If the metal reaches this level, it could put $90 and $100 into view.