Silver Price Analysis: XAG/USD approaches oversold conditions amid USD strength Silver XAGUSD Commodities Metals Silver
Federal Reserve doves and hawks are battling it out publicly, leaving investors scratching their heads. Michelle Bowman pointed out that more increases will likely be appropriate. At the same time, John Williams showed himself comfortable with the Fed’s, stating that the bank has the policy where it wants it to be. On Tuesday’s session, Thomas Barkin gave no highlights and said, “ I don't want to predeclare where rates will go.
According to the CME FedWatch tool, tightening expectations for the Federal Reserve remains low. The odds of a hike stand near 14% for the September meeting and rise near 30% in November. However, those odds will likely be impacted by inflation figures on Thursday, also dictating the pace for the bond market and the USD. It's worth noting that non-yielding metals tend to be negatively correlated with higher interest rates, so investors will closely monitor Thursday’s inflation data.
In that sense, the Headline Consumer Price Index index is expected to accelerate to 3.3% YoY and the Core CPI, which is seen falling to 4.7% in the same month.With both Relative Strength Index and Moving Average Convergence Divergence comfortably placed in negative territory on the daily chart, the XAG/USD sellers hold the upper hand. The downward slope of the Relative Strength Index near 30.
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