Silver Slips Below $70 as Traders Eye Warsh's Jackson Hole Debut

Silver prices pulled back to around $68 an ounce on Monday after failing to hold above $70, leaving traders wondering if the metal's 17% August surge has room to run or is due for a deeper correction.

The pullback came as a firmer dollar and rising Treasury yields created headwinds, with attention now shifting to this week's U.S. economic data and Federal Reserve Chair Kevin Warsh's first Jackson Hole speech on Friday.

MCO Global's Elliott Wave analysis counts the July-August advance as a completed five-wave impulse, with a three-wave correction expected next. Key support sits at $60.51, followed by $52.54; a break below the latter would invalidate the bullish structure.