Silver recovered on Monday, registering a gain of more than 1% courtesy of broad US Dollar weakness even though US Treasury bond yields climbed.
Silver rallies over 1% from a daily low of $28.95. Technicals suggest upward bias; potential 'double bottom' pattern forming. Resistance levels: $30.00 , $30.84 , $32.29 , $32.51 . Support points: $29.00, $28.57 , $27.59 . Economic data from the United States was mixed, while US equities fluctuated between gainers and losers. The XAG/USD trades at $29.44 after hitting a daily low of $28.95.
When prices are rising too quickly and inflation is above the Fed’s 2% target, it raises interest rates, increasing borrowing costs throughout the economy. This results in a stronger US Dollar as it makes the US a more attractive place for international investors to park their money. When inflation falls below 2% or the Unemployment Rate is too high, the Fed may lower interest rates to encourage borrowing, which weighs on the Greenback.
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