Silver is closing August with a 15% rally and entering September at a key technical inflection point, with price holding above $66 and traders watching the $68-$72 resistance zone. According to Trading Economics data, spot silver was quoted near $66.152, up $25.422 over one year, an annual gain of about 62.42%. The rally followed a recovery from the mid-$50 area seen in June and July, with August buying pushing through $60 and $62 into the high $60s.
The immediate bounce has stalled near a monthly imbalance between $69 and $71. On the weekly chart, the $71-$72 area is the main upside barrier. A weekly close above that zone would weaken the bearish case and open the way toward $74-$76, then $80, with an extended objective near $89. On the downside, the first support is $64-$65, followed by $62.50 and the three-month price delivery area around $60.80. A break below $60.80 would expose the $54-$55 monthly structure.
Futures action shows short-term pressure. Silver futures dropped $3.176, or 4.57%, to $67.790 after failing near $71. The contract broke through $69 and $68 and found late buying between $66.00 and $66.30. The XAG/USDT perpetual contract on Binance was trading near $67.01, with a Chaikin Money Flow reading of minus 0.08 and a recent Bollinger sell signal, indicating moderate selling pressure despite late consolidation.
Macro forces are adding to the technical test. Federal Reserve Chair Kevin Warsh said at Jackson Hole on August 28 that the Fed’s 2% inflation target remains a “firm, fixed” objective and that financial conditions were not restrictive enough. Markets repriced September rate-hike odds from about 35% to 57% immediately after the speech, and the CME FedWatch reading cited by Reuters on August 31 put the probability at 60.4%. Higher U.S. rates raise the opportunity cost of holding non-yielding assets, which can pressure both silver and risk assets including cryptocurrencies.
The September setup is therefore defined by $71 on the upside and $60.80 on the downside. A break and weekly close above $71-$72 would support a move toward $80, while rejection below $71 could trigger a retracement toward $62.50-$60.80. Losing $60.80 would invalidate the August recovery structure and expose $54-$55.
