Silver Price Forecast: XAG/USD rises to $24.70 ahead of US core PCE Inflation

Silver price moves higher to $24.70, while the broader trend is sideways.
The core PCE inflation will provide cues about Fed’s rate cut timing.
Fed policymakers see three rate cuts by the year-end.

Sagar Dua FXStreet

Silver price (XAG/USD) advances to $24.70 in the late Asian session on Thursday. The white metal posts gains ahead of the United States core Personal Consumption Expenditure Price Index (PCE) data for February, which will be published on Friday.

Core PCE will provide cues about when the Federal Reserve (Fed) will begin reducing interest rates. The annual underlying inflation data is estimated to have grown steadily by 2.8%, with monthly growth declining to 0.3% from 0.4% in January.

Currently, market expectations indicate that the Fed will cut interest rates from the June policy meeting. The expectations also show that there will be three rate cuts by the year-end, as projected by Fed policymakers in the monetary policy meeting last week.

According to the CME FedWatch tool, traders are pricing in 64% chance that the Fed will trim interest rates in June.

Meanwhile, the US Dollar Index (DXY) edges down slightly from monthly highs of 104.50. The USD Index is broadly sideways in a 104.00-104.50 range from last four trading sessions. The US core PCE inflation is expected to support the USD index to blown out the consolidation. 10-year US Treasury yields rebound to 4.21% after falling sharply to 4.18% on Wednesday.

Silver technical analysis

Silver price consolidates in a range of $24.32-$25.00 from a week. This exhibits an indecisiveness among market participants. The 20-period Exponential Moving Average (EMA) at $24.60 remain stick to the spot price, demonstrating a sideways trend.

The 14-period Relative Strength Index (RSI) oscillates in the 40.00-60.00 zone, indicating a sharp volatility contraction.

Silver hourly chart

XAG/USD

Overview
Today last price	24.64
Today Daily Change	-0.05
Today Daily Change %	-0.20
Today daily open	24.69

Trends
Daily SMA20	24.43
Daily SMA50	23.39
Daily SMA100	23.53
Daily SMA200	23.36

Levels
Previous Daily High	24.69
Previous Daily Low	24.33
Previous Weekly High	25.77
Previous Weekly Low	24.4
Previous Monthly High	23.5
Previous Monthly Low	21.93
Daily Fibonacci 38.2%	24.55
Daily Fibonacci 61.8%	24.47
Daily Pivot Point S1	24.45
Daily Pivot Point S2	24.21
Daily Pivot Point S3	24.09
Daily Pivot Point R1	24.81
Daily Pivot Point R2	24.93
Daily Pivot Point R3	25.17

Author

Sagar Dua

FXStreet

Sagar Dua is associated with the financial markets from his college days. Along with pursuing post-graduation in Commerce in 2014, he started his markets training with chart analysis.

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