Silver Price Forecast: XAG/USD Maintains Bullish Stance Below Friday's Two-Month High of $70.00

Silver traded in a mild range around $68.69 per ounce during Monday's Asian session, with bulls and bears jostling around the $69 level, but the overall bullish structure remains intact despite the short-term pullback.

**Last Week's Strong Rally Lays Bullish Foundation**

Last week, spot silver accumulated gains of over 6% and briefly broke above the $70 per ounce psychological level on Friday, hitting a near two-month high. Key drivers behind this rally include a weaker US dollar, cooling market expectations for Fed rate hikes, and a sharp decline in Treasury yields after the US Treasury announced plans to significantly expand long-term debt buyback operations. Meanwhile, sustained oil price gains highlighted inflation risks, further boosting safe-haven demand for precious metals.

**Technical Picture: Bulls Still Dominant Below the $70 Level**

Although spot silver has pulled back from Friday's high, the market remains near the $70 level, and the bullish technical structure has not been broken. According to Trading Economics, based on global macro models and analyst expectations, silver is projected to rise to $70.54 per ounce by the end of this quarter, with further upside to $84.89 within 12 months. Over the past month, silver has gained approximately 15%, with an even more pronounced increase compared to the same period last year.

**Next Week's Catalyst: Jackson Hole Speech in Focus**

Market reports indicate that the US will release a dense slate of data this week, including consumer confidence, housing, inflation, and economic growth figures. Markets are particularly focused on Friday's Jackson Hole central bank symposium, where Fed officials' balancing of persistent inflation pressures against signs of labor market weakness will provide key clues on the policy path, potentially serving as a critical trigger for silver's next move.

Overall, silver is consolidating below $70 in the near term, but fundamental and technical support remains intact, with the bullish trend persisting. The near-term direction will be highly dependent on this week's macro data and policy signals.