All eyes will be in the Jackson Hole Symposium which kicked-off yesterday. Given the current market dynamics as well as expectations, it is almost certain that US Fed Chief Powell will disappoint the markets. It is widely anticipated that he will guide towards an interest rate cut in September, but some Fed officials cautioned that such a move should not be viewed as guaranteed. A conflicting message is likely to send markets lower and push traders into safe have assets such as gold and silver. Can silver attempt a breakout above resistance and extend its strong rally? Today’s fundamental analysis will cover the upside potential and take a look at downside risk in the event of a price action reversal.

During the Asian trading session, New Zealand reported weaker retail sales for the second-quarter while the Japanese CPI clocked in weaker than forecast. A quiet European trading session, after yesterday’s upside surprise in PMI data across the board, is expected to produce low volume. Canada will report retail sales and the US will issue a report on new home sales, economists predict contractions in both reports. Will Powell give in to pressures by Trump, announce lower interest rates moving forward and cause a sell-off in the US Dollar which will boost silver? Follow the PaxForex Daily Fundamental Analysis where you grow your balance trade-by-trade!