Silver price (XAG/USD) gains ground above the crucial support of $29.00 in Wednesday’s New York session.
Silver price holds the crucial support of $29.00 as Fed rate-cut bets surge. The expectations for Fed rate-cut increase as progress in the US disinflation process has resumed. Investors shift focus to the preliminary US S&P Global PMIs for June. Silver price gains ground above the crucial support of $29.00 in Wednesday’s New York session. The white metal finds buyers amid growing speculation that the Fed eral Reserve will start reducing interest rates from the September meeting.
This week, investors will focus on the preliminary US S&P Global PMIs data for June, which will be published on Friday. The agency is expected to show a decline in the Composite PMI due to weakness in manufacturing as well as the service sector. Silver technical analysis Silver price trades in a Falling Channel chart pattern in which each pullback is considered a selling opportunity by market participants.
XAGUSD Fed Supportresistance Inflation Silver
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