Silver prices dipped slightly on Monday following a recent rally, tracking alongside gold which reached record highs above $2,500 per ounce. The surge was driven by safe-haven demand and expectations of an impending U.S. interest rate cut. Currently trading near the 50-day moving average of $29.20, silver faces resistance at $29.23. A breakthrough above this level could propel prices towards $29.50, potentially sparking a larger upward trend. The focus is now on Federal Reserve Chair Jerome Powell’s speech at the upcoming Jackson Hole symposium. Powell is expected to provide insights into the Fed’s future monetary policy decisions, particularly regarding the possibility of a rate cut in September. Market participants are watching closely for any signals that could impact expectations, especially amidst indications of subdued inflation and a slowing U.S. job market. Despite a mix of economic data, recent U.S. indicators, such as strong retail sales and moderate inflation, have supported confidence in the economy. The release of the Fed’s July policy meeting minutes and ongoing developments in China, where economic struggles have dampened silver demand, will also influence market sentiment. Traders are cautiously optimistic about silver’s short-term prospects, with a focus on breaking key resistance levels and monitoring external factors that could sway market dynamics.