Silver prices have remained relatively stable, trading near the $30.00 level. The market’s focus remains on the Federal Reserve’s monetary policy outlook, with expectations of interest rate cuts in September increasing.

The US Dollar’s weakness, driven by the anticipation of Fed rate cuts, has provided support for silver prices. While the CME Fedwatch Tool suggests a higher probability of a 25 basis point cut, there remains uncertainty regarding the size of the reduction.

Silver Technical Outlook

Silver prices have shown a bullish trend, with the 20-day EMA providing support. A break above the $30.00 level could signal further gains, with potential targets at $31.00 and $31.75. However, the RSI indicates that the pair is approaching overbought levels, suggesting a potential for a short-term pullback.