Silver price (XAG/USD) bounces back strongly from the crucial support of $29.00 in Tuesday’s American session.
Silver price rebounds strongly from $29.00 as slower US Retail Sales growth weighs on the US Dollar and bond yields. Sluggish US Retail Sales growth has prompted Fed rate-cut bets for September. US households cut spending on discretionary items. Silver price bounces back strongly from the crucial support of $29.00 in Tuesday’s American session. The white metal struggles to gain ground even though the United States Retail Sales grew meagrely by 0.1%, slower than expectations of 0.
Lower yields on interest-bearing assets reduce the opportunity cost of holding an investment in non-yielding assets, such as Silver. Slower growth in the US Retail Sales has boosted expectations of early rate cuts by the Federal Reserve . The CME FedWatch tool shows that the probability for rate cuts in the September meeting has increased to 67% from 61.5%, recorded on Monday.
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