Silver Price Forecast: XAG/USD advances steadily, eyeing the $20.00 figure – by christianborjon Silver XAGUSD Metals Macroeconomics Technical Analysis
gust PPI was aligned with expectations easing inflationary pressures on the producer side, contrarily to Tuesday’s CPI.Before Wall Street opened, US data revealed by the Bureau of Labour Statistics showed that the PPI for August shrank by 0.1%, aligned with the consensus, while the year-over-year figure was down at 8.7%, less than July’s 9.8% report. Meanwhile, the so-called core PPI, which excludes volatile items, edged higher, 0.4% MoM, but on an annual reading, edged up by 7.3%.
In the meantime, the US Dollar Index, a measure of the buck’s value against a basket of six currencies, finished Wednesday’s session down by 0.15%, at 109.648, undermined by US Treasury yields, mainly the 10-year benchmark note rate, unmoved during the day at around 3.404%. The reflection of the abovementioned is the US Dollar Index, losing some traction, down by 0.09%, below the 110.000 mark. At the same time, the US 10-year benchmark note rate shows signs of exhaustion, flat at around 3.414%.
Another tailwind for the white metal prices was that the US 10-year TIPS, a proxy for real yields, gained only one bps, sitting at 0.939%., and the New York and Philadelphia Fed Manufacturing Indices, a prelude for October’s ISM report.The XAG/USD daily chart illustrates the white metal as neutral-to-downward biased. However, if silver buyers reclaim the $20.00 mark, that could pave the way for a test of a four-month-old downslope trendline around $20.20 before reaching the 100-day EMA at $20.
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