Silver price (XAG/USD) finds temporary support near the psychological support of $30.00 in Friday’s European session after witnessing a sharp sell-off in the past two trading session.
Silver price steadies above $30.00 but is prone to more downside amid multiple headwinds. The US Dollar strengthens as Fed supports maintaining interest rates at their current levels for longer. Strong US economic outlook has negatively impacted Fed rate-cut prospects for September. Silver price findstemporary support near the psychological support of $30.00 in Friday’s European session after witnessing a sharp sell-off in the past two trading session.
Chris Williamson, Chief Business Economist at S&P Global Market Intelligence commented on data, “The US economic upturn has accelerated again after two months of slower growth, with the early PMI data signalling the fastest expansion for just over two years in May. The data put the US economy back on course for another solid GDP gain in the second quarter.” The US Dollar Index exhibits strength near 105.
XAGUSD Fed Inflation Dollarindex Silver
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Silver Price Analysis: XAG/USD rallies sharply as bulls’ target $30.00Silver’s rally continued Wednesday after a softer-than-expected Consumer Price Index (CPI) report in the United States (US) sent US yields tumbling, a tailwind for the precious metal.
Read more »
Silver Price Forecast: XAG/USD rises toward $30.00 after higher US Jobless ClaimsSilver price retraces its recent losses registered on Thursday, trading around $29.70 per troy ounce during the Asian hours on Friday.
Read more »
Silver Price Analysis: XAG/USD plummets over 2%, bears target $30.00Silver price tumbled more than 2% on Thursday as economic data from the United States showed that business activity is faring well amid a high interest rates economy.
Read more »
Silver Price Analysis: Silver price forming a Bear Flag price patternSilver (XAG/USD) price may have formed a Bear Flag pattern on the 4-hour chart with negative implications for the precious metal’s price going forward.
Read more »
Silver Price Analysis: Silver price could be forming a Bear Flag price patternSilver (XAG/USD) price may have formed a Bear Flag pattern on the 4-hour chart which bodes ill for the precious metal’s price going forward.
Read more »
Silver Price Forecast: XAG/USD finds support near $30.20 as investors digest hawkish FOMC minutesSilver price (XAU/USD) stabilizes near $30.20 after a vertical downfall in Thursday’s New York session.
Read more »