Silver (SILVER) is gaining nearly 2% today to $39.70/oz, supported by strong gold price advances and weakness in the U.S. dollar index. The dollar failed to find support even after today’s relatively solid PCE data, which did not appear “recessionary” and showed no clear signs of a sharp slowdown in consumption.
On the other hand, the later University of Michigan survey indicated weaker U.S. consumer sentiment and a decline in inflation expectations compared to the previous reading. Markets interpreted this as another signal increasing the odds of more than one Fed rate cut this fall. The major resistance zone is now set at $40 per ounce.
Source: xStation5
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