Silver price (XAG/USD) faces a nominal sell-off after printing a fresh two-year high around $28.00 in Monday’s early New York session.
Silver price exhibits strength around $28 despite traders pare Fed rate cut bets for June. Fed Bowman said current conditions are not appropriate for lowering borrowing rates. The US Dollar awaits the US inflation data for fresh guidance. Silver price faces a nominal sell-off after printing a fresh two-year high around $28.00 in Monday’s early New York session.
The core CPI that strips off volatile food and Oil prices is estimated to have dipped slightly to 3.7% from 3.8%. A more-than-anticipated decline in the US inflation data will prompt Fed rate cut expectations for the June meeting. Silver technical analysis Silver price sees a sharp upside after a breakout of the Ascending Triangle pattern formed on daily timeframe.
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