Silver finds stabilization after a sell-off to near $24.00 amid strength in the US Dollar.
The US core PCE price index gained at a pace of 0.2% in June as expected by the market participants.
Silver price delivers a breakdown of the Double Top chart pattern formed above $25.00.
Silver price (XAG/USD) remains topsy-turvy above the crucial support of $24.00 in the New York session. The white metal struggles to find direction as investors need strong cues about September’s monetary policy by the Federal Reserve (Fed) as policymakers held incoming data accountable for further action.
S&P500 opens on a bullish note as fears of a recession in the United States have faded significantly. Considering the stellar performance of the US economy in the April-June quarter and commentary from Fed officials that they are not expecting a recession due to the tight labor market, investors find strength for pumping money into US equities.
The US Dollar Index (DXY) rebounds firmly after correcting to near 101.40 as soft US core Personal Consumption Expenditure (PCE) price index data fails to offset the impact of upbeat Gross Domestic Product (GDP) data.
The US core PCE price index gained at a pace of 0.2% in June as expected by the market participants but remained slower than the 0.3% figure, being registered in May. On an annualized basis, Federal Reserve’s (Fed) preferred inflation tool softened sharply to 4.1% vs. the expectations of 4.2% and the former release of 4.6%.
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