Silver Price Rises Near US$70 per Troy Ounce, US Data to Be Decisive
Global silver prices soared throughout this week. XAG/USD closed trading on Friday (21/8/2026) at US$68.97 per troy ounce, up US$4.31 or 6.67% compared with the previous week’s close of US$64.66.
Silver began the week with a 1.77% rise to US$65.80 on Monday. The price then slumped 3.80% to US$63.30 on Tuesday.
That pressure was immediately reversed on Wednesday. Silver jumped 5.72% to US$66.92, then rose another 1.73% to US$68.07 on Thursday. On Friday, the price added 1.31% and ended the week at US$68.97.
Throughout the week, the highest close was recorded at US$68.97 and the lowest at US$63.30. The closing range reached US$5.67 or around 8.77%, reflecting still very high volatility.
Bond Yields Were the Main Culprit
The fall on Tuesday was mainly triggered by high US government bond yields and renewed inflation risks due to energy prices. That condition made non-yielding assets such as silver less attractive.
Sentiment then shifted after the US government announced an increase in long-term bond buybacks. The move eased pressure in the bond market, weakened the US dollar, and encouraged a rebound in precious metals.
The minutes of the US central bank meeting were actually still hawkish in tone. Several officials assessed that policy tightening might be needed if inflation does not ease. This condition remains a risk for silver because higher interest rates could again lift the dollar and bond yields.
From a fundamental perspective, silver is still supported by a tight physical market and a projected supply deficit for the sixth consecutive year in 2026. This factor could potentially limit declines when profit-taking occurs.
Technical Trend Turns Bullish
Silver’s technical structure now forms a higher high and higher low pattern. Friday’s closing price was also the highest since mid-June.
The five-day average close stood at US$66.61, higher than the 10-day average of US$65.79 and the 20-day average of US$62.62. That arrangement shows bullish short-term momentum.
The 14-day relative strength index, or RSI, is around 65.84. Momentum remains strong and has not entered overbought territory, but its position is already high enough that the risk of profit-taking still needs to be watched.
Silver Price Projection for Next Week
For trading on 24-28 August 2026, XAG/USD is projected to move bullish-volatile in the range of US$65.80-US$72.70 per troy ounce.
The US$68.07 area is the nearest support, followed by US$66.92 and US$65.80. As long as the price holds above US$65.80, the chance of continuing the rally remains open.
On the upside, US$70.17 is resistance as well as an important psychological level. A daily close above that area could open the way towards US$72.70-US$73.87.
Conversely, a decline below US$65.80 would bring silver back to test US$64.66. If US$63.30 is also breached, the short-term bullish momentum risks breaking.
Next week, the market will watch US economic growth and inflation data as well as the meeting of world central banks in Jackson Hole. Dollar movements, bond yields, oil prices, and developments in the Middle East conflict remain the main determinants.
Silver’s bias remains positive as long as the price holds above US$65.80. However, after strengthening for three consecutive days, investors need to be wary of profit-taking before the price attempts to break through US$70.17.