Silver Price Locked in Consolidation Zone Ahead of Key Resistance Level

Silver opened the week at $66.21, down about 1.15% on the day, but its daily candle told a different story.

The price dropped as low as $64.74 before buyers stepped in and pushed it back up to $67.20, indicating a wide swing with solid volume of 239,280 ticks.

The Silver chart shows that the market is still trapped inside a broad consolidation zone between major support at $60 and resistance at $80.

However, some catalysts may impact the price, including Fed Chair Kevin Warsh's hawkish tone at the Jackson Hole symposium, which shifted expectations for the Fed's next meeting on September 15-16.

The technical picture remains mixed, with indicators not giving a clear signal. RSI is at 53.27, leaning slightly bullish but basically neutral, while there are both bullish and bearish divergences on the chart.