Silver Price Forecast: XAG/USD trades at multi-month highs around $23.70s – by christianborjon Silver XAGUSD Metals Macroeconomics CPI
asing pressure on the Federal Reserve . The US Dollar is plunging while precious metals advance. At the time of writing, the XAG/USD is trading at $23.74 after hitting an eight-month high of $24.12. rose marginally by 0.1% from last month and decreased slightly on a year-on-year basis to 7.1%, missing previous analyst expectations of 7.3%. Even though inflation has dropped since its peak in June at 9.1%, the so-called core CPI suddenly shifted upwards during September.
Money market futures suggest that the Federal Funds rate may reach a peak of 5% before being cut in September 2023, around 20 bps. At the same time, weakness was seen for, which sank to six-month lows around 103.586, though it is trimming some of its earlier losses, sitting at 103.900. Elsewhere, US Treasury bond yields, namely the 10-year benchmark note rate, plunged 15 bps, from around 3.630% to 3.459%, while US 10-year TIPS yield, a proxy for real yields, dropped 11 bps to 1.215%, a tailwind for the precious metal segment.XAG/USD remains upward biased and rallied above $24.00, on traders speculating that the Federal Reserve might not be as aggressive as inflation continues to slow down. Silver found solid resistance at the R4 daily pivot at $24.14, since then, retraced $0.
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