Silver price (XAG/USD) finds a temporary support near $31.20 in Thursday’s American session after correcting from a weekly high of $32.30.
Silver price finds interim support near $31.00 as US Dollar corrects further. The US Dollar comes under pressure after revised estimate for Q1 US GDP showed that the economy grew at a slower pace of 1.3%. Silver price could fall on backfoot if it breaks below the psychological support of $30.00. Silver price finds a temporary support near $31.20 in Thursday’s American session after correcting from a weekly high of $32.30.
Annual and monthly core PCE inflation readings are estimated to have grown steadily by 2.8% and 0.3% respectively. The Federal Reserve’s preferred inflation gauge will significantly influence speculation for Fed rate cuts in September. Currently, financial markets expect that the Fed will start reducing interest rates from the last quarter of the year. Silver technical analysis Silver price faces selling pressure while attempting to break previous highs of $32.50.
XAGUSD Fed Inflation Supportresistance Silver
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