Silver price (XAG/USD) finds temporary support near the psychological support of $30.00 in Friday’s European session after witnessing a sharp sell-off in the past two trading session.
Silver price steadies above $30.00 but is prone to more downside amid multiple headwinds. The US Dollar strengthens as Fed supports maintaining interest rates at their current levels for longer. Strong US economic outlook has negatively impacted Fed rate-cut prospects for September. Silver price findstemporary support near the psychological support of $30.00 in Friday’s European session after witnessing a sharp sell-off in the past two trading session.
Chris Williamson, Chief Business Economist at S&P Global Market Intelligence commented on data, “The US economic upturn has accelerated again after two months of slower growth, with the early PMI data signalling the fastest expansion for just over two years in May. The data put the US economy back on course for another solid GDP gain in the second quarter.” The US Dollar Index exhibits strength near 105.
XAGUSD Fed Inflation Dollarindex Silver
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