XAG/USD gains 1.5% on USD weakness and cooling US inflation, but struggles to breach $66.33 resistance.
Silver (XAG/USD) extended its rebound from mid-$63.00s, trading above $65.00 and up 1.5% on the day. The move follows persistent US Dollar selling as traders reduce Federal Reserve rate hike expectations amid softer US inflation and consumer spending data.
The metal remains range-bound but shows signs of consolidation after recovering from July’s year-to-date low. Technical indicators, including an RSI near 61 and a positive MACD histogram, suggest bullish momentum may continue, though resistance at the 100-day EMA near $66.33 persists.
A sustained break above $66.33 could target the 38.2% Fibonacci retracement level at $67.93, reinforcing upward potential for XAG/USD.