Silver price (XAG/USD) slumps below lower end of Monday’s trading range near $29.40 in Tuesday’s New York session.
Silver price slidesbelow $29.40 as the US Dollar bounces back. Fed Bowman sees interest rates remaining at their current levels this year. Investors await the US core PCE inflation for fresh guidance. Silver price slumps belowlower end of Monday’s trading range near $29.40 in Tuesday’s New York session. The white metal faces selling pressure as the US Dollar has bounced back strongly after correcting on Monday.
Going forward, investors will focus on the United States core Personal Consumption Expenditure Price Index for May, which will be published on Friday. The core PCE price index data is the Fed’s preferred inflation measure, and it will provide fresh cues on when and how much the central bank will reduce interest rates this year. Silver technical analysis Silver price declines to near upward-sloping trendline plotted from February 29 low at $22.30 plotted on a daily timeframe.
XAGUSD Fed Inflation Supportresistance Silver
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