Silver Soars to Two-Month Highs as Investors Eye Fed Guidance

Investors are eagerly awaiting US Federal Reserve Governor Warsh's speech for insight into monetary policy, following July's lackluster guidance. Meanwhile, silver prices have reached fresh two-month highs, with XAG/USD trading at $70.44.

The Kansas Fed President Jeffrey Schmidt and Cleveland Fed President Beth Hammack recently called for immediate monetary tightening in response to hot US Personal Consumption Expenditures (PCE) Price Index figures from the previous day.

According to technical analysis, bulls are likely to face resistance at the mid-June highs between $71.35 and $71.55 before reaching the key resistance area at the 200-day Simple Moving Average (SMA), currently sitting at $72.50.