XAG/USD climbs near $66.00 on softer USD after weaker-than-expected US retail sales data curbs Fed rate hike bets.
Silver (XAG/USD) extended gains to $65.80 in early European trading Monday, buoyed by a weaker US Dollar (USD) following disappointing US economic data. The move follows a rebound from Friday’s low of $63.50, as July’s retail sales fell 0.6%, missing forecasts of a 0.1% rise.
Recent US inflation and jobs data have also undershot expectations, reducing odds of a Federal Reserve rate hike in September to 30%, down from over 50% a week ago. Technical indicators remain bullish, with resistance eyed at $67.00.
The Relative Strength Index (RSI) holds above 60, while the MACD stays positive, signaling sustained upward momentum. Bulls face immediate resistance at $66.00.