Silver Price Forecast: XAGUSD surges almost 9% in three days, knocking at $20.00 – by christianborjon Silver XAGUSD UnitedStates Recession Fed
XAGUSD soars on falling US Treasury yields which undermine the greenback.Silver price rallied for three consecutive days, gaining almost 9% in the week courtesy of traders’ upbeat mood, on the perception of a“dovish” tilt, spurring lower US treasury yields and weakening the US dollar. Alongside the previously mentioned, a dismal US GDP reading for the second quarter decreased bets that the US Federal Reserve would keep tightening at its current pace as the stagflationary scenario worsens.
On Thursday, the US Department of Commerce revealed that US GDP for Q2 shrank at a 0.9% YoY pace after declining 1.6% in the first quarter, meaning that the US is in a technical recession. At the same time, the US Department of Labor reported that Initial Jobless Claims for the week ending on July 23 rose by 256K, higher than forecasts but lower than the previous week’s 261K.is losing 0.24% and sits at 106.206 after hitting a daily high at 106.975.
The US economic docket will feature the Personal Consumption Expenditures on its headline and core readings. Later, the University of Michigan Consumer Sentiment for July’s final reading will be revealed.
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