Silver price (XAG/USD) clings to key support of $29.00 in Friday’s American session.
Silver price gains ground above $29.00 as soft US price pressures weigh on bond yields. Traders price in two rate cuts this year against one signaled by the Fed . Silver price trades in a Falling Channel formation. Silver price clings to key support of $29.00 in Friday’s American session. The white metal rebounds as US bond yields come under pressure due to improved speculation that the Fed eral Reserve will start reducing interest rates from the September meeting.
Fed officials lowered potential number of rate cuts in the forecast report from three forecasted in March as they were concerned over inflation remaining stubborn due to strong labor market conditions. Meanwhile, the US Dollar Index , which tracks the Greenback’s value against six major currencies, jumps to 105.70. Silver technical analysis Silver price trades inside Thursday’s trading range.
XAGUSD Fed Inflation Supportresistance Silver
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