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Silver climbs toward $66.40 as the dollar slips ahead of US CPI
Silver is up nearly 1% to around $66.4, with the US Dollar Index near a two-week low and Fed rate expectations hinging on upcoming CPI data.
Silver prices rose nearly 1% in Asian trading to trade near $66.40 as the US dollar stayed under pressure, FXStreet reported. The move followed a slightly weaker US Dollar Index, which was around 98.76 and closer to its two-week low of 98.72 seen on Tuesday.
FXStreet cited expectations for the Federal Reserve to potentially raise rates at its September policy meeting, with CME FedWatch showing a 60% chance of a hike. The same setup is being tested by fresh US data, including Friday’s August Nonfarm Payrolls and the upcoming August Consumer Price Index release.
On the technical side, XAG/USD was seen around $66.42, near the 20-period exponential moving average at $65.79, indicating a sideways trend. The 14-period RSI was at 53.68, pointing to modest bullish momentum without overbought conditions.
Support is initially flagged near the August 19 low at $62.19, then at the psychological $60.00 level, while the June high at $71.56 is described as a key barrier for silver bulls to clear, according to FXStreet.
Latest closeSilver $60.95 ▼5.1%|Dollar index 101.25 ▲0.3%