Silver prices are increasing as technical indicators show strength, surpassing the 50-day moving average and a recent pivot point. Current chart patterns suggest that there is a strong potential for further gains, with targets set at $31.76 and $32.52. As of 11:20 GMT, XAG/USD is trading at $29.77, up $0.32 or +1.09%. Market sentiment remains positive despite concerns about the global economy. The four-day rally in silver prices continues, driven by anticipation of a Federal Reserve rate cut in September and rising demand for safe-haven assets. The weakening U.S. dollar is also contributing to the upward trend in silver prices, as it makes dollar-denominated assets like silver more attractive for foreign investors. This upward movement in silver prices aligns with the recent surge in gold prices to record highs. The recent decline in the U.S. dollar to a seven-month low has provided strong support for silver and other commodities priced in dollars. This weakening dollar has also boosted other major currencies such as the euro, British pound, and emerging market currencies. Traders are eagerly awaiting Federal Reserve Chair Jerome Powell’s speech at Jackson Hole for insights into the central bank’s future monetary policy actions. The majority of traders expect Powell to signal a rate cut, though the extent of the cut remains uncertain. Given the current technical setup and macroeconomic conditions, silver is likely to continue its upward trajectory in the short term. The combination of a weakening dollar, expectations of Federal Reserve rate cuts, and favorable chart patterns indicate that silver could reach its next resistance levels at $31.76 and $32.52. Traders are advised to monitor economic data releases and Fed communications for further guidance on silver’s price direction. Technical Analysis: Daily Silver (XAG/USD) Silver is trending higher after breaching the 50-day moving average at $29.22, which now acts as a support level. Additional support is seen at the short-term pivot of $29.50. Having surpassed previous resistance levels, silver appears poised to target the main tops from July 11 and May 20 at $31.76 and $32.52, respectively. A sustained drop below the 50-day moving average would suggest a return of selling pressure.