Silver edged higher above $68 an ounce on today as investors await fresh policy signals from Federal Reserve Chair Kevin Warsh at the Jackson Hole symposium on Friday.
Despite slightly hotter-than-expected U.S. inflation data, concerns over global debt continue to support demand for the precious metal. The silver price reached two-month highs earlier this week, with the rally supported by renewed concerns over dollar debasement following the U.S.
Treasury’s decision to increase buybacks of older, long-dated bonds. Investors are looking to Warsh’s debut Jackson Hole speech for clues on the Fed’s path toward bringing inflation back to target.
Data released Wednesday showed the PCE price index rose 3.7% year-on-year in July, above expectations. Markets now see a 38% chance of a September rate hike, with the December probability above 70%, based on CME FedWatch data.
What you'll learn 👉
Silver Price Faces a Major $79 Test
A technical view shared by trader Rashad Hajiyev places $79 as the next major resistance for the silver price. The chart shows a descending trendline connecting major highs from around $98 in March and $90 in May, with that line now approaching the $79 region.
Once silver completes present consolidation, major resistance comes at $79 price level.
— Rashad Hajiyev (@hajiyev_rashad) August 27, 2026
There are 3 major scenarios that could happen once silver reaches or gets very close to $79:
1. Test resistance followed by a sharp reversal and correction;
2. False breakout followed by… pic.twitter.com/SoeLQp7TPj
The silver (XAG) price has spent much of August recovering from the $56-$58 area and has climbed toward $69-$70, bringing the metal closer to that declining resistance.
The key point is that reaching $79 would not automatically mean silver heads straight to $100. Hajiyev identifies three possible outcomes at that level: rejection and correction, a false breakout followed by a deeper decline, or consolidation just below resistance before a genuine breakout.
His preferred scenario is the third, with the silver price reaching $77-$78, then trading beneath $79 for three to four weeks before breaking higher.
Could the $79 Breakout Open the Door to $100?
The chart gives the $79 target a clear technical basis. Silver has been making higher lows since the July trough near $56, and the latest recovery has taken the price toward the upper boundary of the multi-month descending trendline. A move from $69 to $79 would represent an upside of about 14.5%.
Related Silver News: Silver Price Stalls Below $70, But Bulls May Like What Happens Next
The more aggressive target is triple-digit silver. From $79 to $100, the metal would need another 26.6% gain. From $69, reaching $100 would require 44.9% upside. That makes $79 the crucial checkpoint: a sustained breakout would remove the immediate descending resistance and give the silver price more room to test higher levels.
For now, the $77-$79 zone is the area to watch. If the silver price reaches $79 and consolidates for several weeks as Hajiyev expects, that could give the market time to establish support above previous resistance.
A decisive move through $79 would then put $90 and $100 into view, but failure around $79 could send silver back toward the $68-$70 region first.
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