TL;DR: Gold and Silver are pausing after a sharp rally, with Wednesday's US data testing the yield channel and Friday's Warsh Jackson Hole speech testing the deeper fiscal-credibility thesis behind the rally itself.
The short‑term Elliott Wave view in Silver (XAGUSD) indicates that the cycle from the July 17, 2026 low continues to unfold as a clear impulsive structure. From that low, wave (1) advanced to $60.929 before a measured pullback in wave (2) reached $56.539.
Gold and silver remain firm ahead of the July PCE report, with gold targeting $4,800 and silver approaching the key $72 resistance.
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Silver retreats ahead of US PCE data, but underlying support persists
Silver faces resistance at $70 as its 50-day EMA attempts a Golden Cross, while fading momentum raises the risk of a short-term pullback.
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Silver Price Forecast: XAG/USD corrects below $68 in countdown to US PCE Inflation data