Silver Price Forecast: XAG/USD tumbles to $23.10s on overall US Dollar strength – by christianborjon Silver XAGUSD Metals Macroeconomics Fed
, with US Treasury yields trimming its earlier losses, while the US Dollar , shifted positively. Therefore, the XAG/USD is trading at $23.16, below its opening price by 1.31%.
US equities remain buoyed amidst an upbeat sentiment, trading in the green. Last week’s economic data from the Department of Labor, with the, not only rose 0.3% MoM for three consecutive months but also outpaced expectations on an annual base, up 7.4% YoY and 6.2% YoY, excluding food and energy prices. During the day, the University of Michigan Consumer sentiment improved to 59.1 from 56.8 last month, the data showed Friday. Delving into the report, inflation expectations dropped from 4.9% to 4.
Tuesday’s release of the US Consumer Price Index could be a catalyst in determining the performance of the precious metal segment and the US Dollar. It is anticipated that CPI will have decreased, with YoY readings expected to drop from 7.7% to an estimated 7.3%, while core CPI has been predicted to fall slightly from 6.3% to 6%. If findings indicate cooling inflation conditions, it may result in the US Dollar weakening further, which would underpin the white metal.
Therefore, the XAG/USD would likely keep downward pressured ahead of the US inflation report. A hotter-than-expected CPI data could pave the way to prolong rate hikes by the Federal Reserve, meaning the US Dollar would strengthen, to the detriment of the precious metals segment.
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