The post XAG/USD stays in a tight range around $31 with US Inflation in focus appeared on BitcoinEthereumNews.com.

Silver price trades sideways around $31.00 as investors await the US Inflation report for June. Fed Powell signaled that the labor market strength appears to be easing. Silver price holds the Falling Channel breakout. Silver price (XAG/USD) trades sideways near $31.00 in Wednesday’s Asian session. The white metal consolidates even though the commentary from Federal Reserve (Fed) Chair Jerome Powell, in his semi-annual Congressional testimony on Tuesday, indicated that risks to the Fed’s dual mandate are finely balanced. Fed Powell acknowledged that labor market conditions are no tighter enough that was experienced after mammoth liquidity infusion in pandemic era. On inflation, Powell commented that the Fed has made some progress in inflation in recent months and more good data would bolster the case for looser monetary policy, Reuters reported. However, Powell still not delivered any timeframe for rate cuts but his commentary has kept strength in market expectations for the Fed to begin reducing interest rates from September intact. Meanwhile, the US Dollar (USD) has remained under pressure ahead of the United States (US) Consumer Price Index (CPI) report for June, which will be published on Thursday. The US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, gains ground above the almost four-week low of 104.85.10-year US Treasury yields and consolidates around 4.30%. Silver technical analysis Silver price extends its upside to near $31.00 after a breakout of the Falling Channel formation on a four-hour timeframe. An upside break of the above-mentioned chart pattern results in a bullish reversal. Upward-sloping 20-day Exponential Moving Average (EMA) at $30.70, exhibits a bullish trend. The 14-period Relative Strength Index (RSI) shifts into the bullish range of 60.00-80.00, indicating that momentum has shifted to the upside. Silver four-hour chart Silver FAQs Silver is a precious metal highly traded among investors.…

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Filed under: News - @ July 10, 2024 5:16 am