Silver prices are currently in wait-and-see mode as traders shift attention to the Fed’s Jackson Hole Meeting for clues on the precious metals next big move.

Minutes from the Federal Reserve's July Monetary Policy Meeting – released this week showed central bank policymakers saw the potential to start tapering their massive quantitative easing program before the end of the year.

However, the Minutes also magnified the importance of the next few months' jobs reports, with solid gains needed to meet the Fed's expectations and show that the coronavirus has not begun to again slow the economy.

Looking ahead, Silver's price direction will likely be determined by the Fed’s Jackson Hole symposium scheduled for next week.

Traders expect Fed policymakers could use this event as a platform to announce plans around the highly-anticipated wind down of their quantitative program as well as interest rate hikes. As always, any new information will likely open the door for fresh volatility ahead.

Where are prices heading next? Watch The Commodity Report now, for my latest price forecasts and predictions:

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