Mitrade Insights is dedicated to providing investors with rich, timely and most valuable financial information to help investors grasp the market situation and find timely trading opportunities.
    2021
    Best News & Analysis Provider
    FxDailyInfo
    2022
    Best Forex Educational Resources Global
    International Business Magazine

    Silver Price Forecast: XAG/USD rises to $24.70 ahead of US core PCE Inflation

    Source Fxstreet
    Mar 28, 2024 06:13
    • Silver price moves higher to $24.70, while the broader trend is sideways.
    • The core PCE inflation will provide cues about Fed’s rate cut timing.
    • Fed policymakers see three rate cuts by the year-end.

    Silver price (XAG/USD) advances to $24.70 in the late Asian session on Thursday. The white metal posts gains ahead of the United States core Personal Consumption Expenditure Price Index (PCE) data for February, which will be published on Friday.

    Core PCE will provide cues about when the Federal Reserve (Fed) will begin reducing interest rates. The annual underlying inflation data is estimated to have grown steadily by 2.8%, with monthly growth declining to 0.3% from 0.4% in January.

    Currently, market expectations indicate that the Fed will cut interest rates from the June policy meeting. The expectations also show that there will be three rate cuts by the year-end, as projected by Fed policymakers in the monetary policy meeting last week.

    According to the CME FedWatch tool, traders are pricing in 64% chance that the Fed will trim interest rates in June.

    Meanwhile, the US Dollar Index (DXY) edges down slightly from monthly highs of 104.50. The USD Index is broadly sideways in a 104.00-104.50 range from last four trading sessions. The US core PCE inflation is expected to support the USD index to blown out the consolidation. 10-year US Treasury yields rebound to 4.21% after falling sharply to 4.18% on Wednesday.

    Silver technical analysis

    Silver price consolidates in a range of $24.32-$25.00 from a week. This exhibits an indecisiveness among market participants. The 20-period Exponential Moving Average (EMA) at $24.60 remain stick to the spot price, demonstrating a sideways trend.

    The 14-period Relative Strength Index (RSI) oscillates in the 40.00-60.00 zone, indicating a sharp volatility contraction.

    Silver hourly chart

    XAG/USD

    Overview
    Today last price 24.64
    Today Daily Change -0.05
    Today Daily Change % -0.20
    Today daily open 24.69
     
    Trends
    Daily SMA20 24.43
    Daily SMA50 23.39
    Daily SMA100 23.53
    Daily SMA200 23.36
     
    Levels
    Previous Daily High 24.69
    Previous Daily Low 24.33
    Previous Weekly High 25.77
    Previous Weekly Low 24.4
    Previous Monthly High 23.5
    Previous Monthly Low 21.93
    Daily Fibonacci 38.2% 24.55
    Daily Fibonacci 61.8% 24.47
    Daily Pivot Point S1 24.45
    Daily Pivot Point S2 24.21
    Daily Pivot Point S3 24.09
    Daily Pivot Point R1 24.81
    Daily Pivot Point R2 24.93
    Daily Pivot Point R3 25.17

     

     

    Disclaimer: For information purposes only. Past performance is not indicative of future results.
    placeholder
    Gold price stands tall near all-time peak, eyes $2,400 mark amid geopolitical risksGold price (XAU/USD) prolongs the recent well-established uptrend and climbs to the $2,400 neighborhood, or a fresh all-time high during the Asian session on Friday.
    Source  Fxstreet
    Gold price (XAU/USD) prolongs the recent well-established uptrend and climbs to the $2,400 neighborhood, or a fresh all-time high during the Asian session on Friday.
    placeholder
    WTI find support near $85, geopolitical tensions keep Oil demand intactWest Texas Intermediate (WTI), futures on NYMEX, remain supported near $85.00 ahead of the United States Consumer Price Index (CPI) data, which will be published at 12:30 GMT.
    Source  Fxstreet
    West Texas Intermediate (WTI), futures on NYMEX, remain supported near $85.00 ahead of the United States Consumer Price Index (CPI) data, which will be published at 12:30 GMT.
    placeholder
    Gold Price Forecast: XAU/USD flirts with record highs above $2,230, all eyes on US PCE dataGold price (XAU/USD) flirts with record highs around $2,230 during the Asian session on Friday.
    Source  Fxstreet
    Gold price (XAU/USD) flirts with record highs around $2,230 during the Asian session on Friday.
    goTop
    quote