SILVER HOLDS NEAR $63.50 AS US CPI WEEK GETS UNDERWAY
Silver traded around $63.50 during Monday’s Asian session, remaining close to Friday’s seven-week high of $65.16.
Attention now turns to Wednesday’s US Consumer Price Index report, which may influence expectations for the Federal Reserve’s interest-rate path. Following softer employment data, markets reduced the estimated probability of a September rate increase to 46% from 67% a week earlier, according to CME FedWatch data cited in the supplied commentary.
July Nonfarm Payrolls declined by 23,000 jobs, versus expectations for an increase of 80,000, while June’s reading was revised down to 20,000 from 57,000. These figures contributed to the recent reassessment of Federal Reserve policy expectations.
Technically, XAG/USD remains above its 20-day EMA at $60.14, while the 14-day RSI at 59.28 indicates improving momentum without reaching commonly referenced overbought territory.
The recent high at $65.16 remains the nearest upper technical reference, with $70.00 identified in the supplied analysis as a broader reference if price remains above that area. On the lower side, $60.14 remains an important technical level, while $54.77 represents the broader year-to-date low.
Market participants will continue to monitor US CPI and Federal Reserve expectations, with the $60.14–$65.16 area remaining an important near-term technical range for XAG/USD.
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