Silver prices reached a two-week high on Friday, propelled by a weakening U.S. dollar and increasing expectations for a Federal Reserve interest rate cut in September. The dollar’s decline was influenced by mounting tensions in the Middle East, boosting demand for safe-haven assets like precious metals. Both silver and gold are poised for weekly gains, with silver settling at $29.04 and showing a 2.39% increase. The weaker dollar and decreasing Treasury yields have made silver and gold more appealing to international investors. Market watchers are closely monitoring economic indicators such as inflation data and the labor market, with markets pricing in a potential 25-basis-point rate cut by the Fed next month. Gold prices surged to a record high, surpassing $2,500, which in turn lifted silver closer to its 50-day moving average of $29.21. Investors are eagerly awaiting insights on the Fed’s monetary policy direction from Fed Chair Jerome Powell at the upcoming Jackson Hole Symposium. With these factors in play, a bullish outlook is forecasted for silver prices in the near future, contingent on Powell’s remarks and market conditions. Technical analysis suggests that silver may challenge its 50-day moving average before aiming for further upside targets, with key support levels identified to guide potential downside movements.