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Silver slips below key technical levels as dollar firms after US PCE

Silver is down nearly 1.3% to about $67.8, with a US headline PCE beat lifting the dollar while traders still expect the Fed to hold rates next month.

Reported · Written up by our desk · Precious Metals

Silver (XAG/USD) is trading near $67.79 and is down nearly 1.26% on the day, as selling pressure builds and the US dollar firms following the latest US inflation data, FXStreet reports.

The US Personal Consumption Expenditures Price Index rose 0.2% month over month in July, above the 0.1% forecast, while the annual rate was unchanged at 3.7%, versus 3.6% expected. Core PCE increased 0.2% MoM and 3.3% YoY, matching market expectations, giving the dollar a modest lift without materially changing focus on core readings for the Federal Reserve’s September meeting.

FXStreet notes that, per the CME FedWatch Tool, markets see roughly a 65% chance the Fed will leave interest rates unchanged next month. Technicals show silver holding above the 50-day SMA but capped by the 100-day and 200-day SMAs, with resistance clustered near $68.02 to $68.31, while support sits around $62.98 and then $61.32, according to the article’s cited chart levels.

Latest closeSilver $64.83 ▼0.1%

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