SILVER PRICE FORECAST: XAG/USD JUGGLES NOMINALLY ABOVE $24.00 AHEAD OF DATA-PACKED WEEK

Silver price oscillates around $24.00 as investors await a fresh economic trigger.

August economic data carry a higher impact as they will be considered primarily for September’s monetary policy.

Silver price trades directionless near the 61.8% Fibonacci retracement at $24.12.

Silver price (XAG/USD) has traded in a narrow range marginally above $24.00 for the past four trading sessions. The white metal struggles to find direction despite Federal Reserve (Fed) Chair Jerome Powell delivering a hawkish commentary at the Jackson Hole Symposium on Friday.

Fed Powell kept doors open for more interest rate hikes as the achievement of price stability in the United States economy has a long way to go. Jerome Powell said that further policy action will be dependent on incoming data. Investors will keep focus on the labor market and the factory activity data. August economic data carry a higher impact as they will be considered primarily for September’s monetary policy.

The S&P500 opens on a positive note despite rising expectations of one more interest rate hike from the Fed in 2023. Cleveland Fed Bank President Loretta Mester said she supports one more interest rate hike, though not necessarily in September. The US Dollar Index (DXY) demonstrates a lackluster performance at around 104.00.

As per the CME Group Fedwatch Tool, there is a more than 80% chance of the Fed keeping interest rates unchanged in September, while the majority of investors are betting on an interest-rate hike in November