Silver Price News: XAG/USD recovery appears elusive below $22.00, Fed Minutes eyed – by anilpanchal7 Silver XAGUSD Commodities Fed China
Cautious optimism, pullback in yields underpin US Dollar’s retreat from multi-day high and favor XAG/USD buyers.price retreats from intraday high but remains mildly bid near $21.70 during the early hours of Thursday’s European session.
The bright metal’s latest pullback, which marks the first daily loss in four, could be the resettlement of the previous bias as Western traders return to their desks. However, a lack of major data/events joins the cautious optimism backed by ChineseThe risk profile, however, improves as Chinese President Xi Jinping shows readiness to deepen industrial and investment cooperation with Asia.
It should be noted that the strong US data bolstered the hawkish Fed bias and weighed on the Silver price to print a 10-week low the previous day. Among the key data, US Retail Sales for January and the NY Empire State Manufacturing Index for February gained major attention. Following the data, the market’s bets on the Fed’s next moves, as per the FEDWATCH tool of Reuters, suggest the US central bank’s benchmark rate is to peak in July around 5.
prints 0.15% intraday loss while easing to 103.70 at the latest, after rising to the 1.5-month high the previous day.for the day and the week, the Silver price may remain depressed while the second-tier US data concerning the housing market, industrial activity and producer prices can entertain traders. However, major attention will be given to the next week’s Minutes of the latest Federal Open Market Committee monetary policy meeting.
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