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Silver rises after softer US inflation tempers Fed hike bets

CME FedWatch data shows the odds of a July rate hike fell to 12% from 40%, even as XAG/USD remains capped by heavy resistance levels near $60.

Reported · Written up by our desk · Major Pairs

Silver (XAG/USD) moved higher on Tuesday, gaining nearly 2% to trade around $58.50 after softer-than-expected US inflation data cooled expectations for a near-term Federal Reserve rate hike, according to FXStreet.

FXStreet reports that the probability of a July hike dropped to 12% from 40%, while the odds of a September increase eased to 59% from 74%, and the weaker US Dollar helped support the precious metal.

Despite the upside move, FXStreet says silver lacks stronger momentum and the technical picture remains bearish, with XAG/USD still trading below the 50-day, 100-day, and 200-day simple moving averages.

FXStreet also flags nearby levels that could limit gains, citing resistance around $60 and $62.5, while support is seen closer to $55.50 and a deeper structural floor near $48.50.

Latest closeSilver $58.01 ▼3.0%

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