SILVER PRICE FORECAST: XAG/USD HOLDS POSITION ABOVE $29.00 AHEAD OF US PMI DATA
- Silver price remains steady ahead of US PMI data due on Wednesday.
- The slowdown in the Chinese economy could negatively impact the industrial demand for Silver.
- The safe-haven Silver may struggle due to the increased ceasefire optimism in the Middle East.
Silver price (XAG/USD) stays above $29.00 per troy ounce during the European session on Wednesday. The price of the grey metal grapples to continue its gains as investors awaited a slew of key US economic data that could shed light on the path of Federal Reserve monetary policy.
The US Purchasing Managers Index (PMI) data is scheduled to be released later in the North American session. Additionally, the focus will be on the Gross Domestic Product (GDP) Annualized (Q2) figures, which are set to be released on Thursday, and the latest Personal Consumption Expenditures (PCE) price index report on Friday. These reports are expected to provide new insights into the economic conditions in the United States
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