SILVER PRICE FORECAST: XAG/USD CONSOLIDATES BELOW $32 AS INVESTORS LOOK FOR FRESH FED RATE CUT CUES
- Silver price trades sideways below $32.00 as investors seek fresh cues about the Fed’s likely monetary policy action in November and December.
- The US Dollar strengthens after better-than-expected US Retail Sales growth and lower jobless claims.
- Rising US Trump’s odds of winning presidential elections improve the Silver price’s appeal as a safe haven.
Silver price (XAG/USD) trades in a tight range below the key resistance of $32.00 in Thursday’s North American session. The white metal consolidates as investors look for fresh cues about the Federal Reserve’s (Fed) likely interest rate action in the remaining year.
According to the CME FedWatch tool, 30-day Federal Funds futures pricing data shows that the central bank will cut interest rates by 25 basis points (bps) in both policy meetings in November and December.
Meanwhile, upbeat United States (US) monthly Retail Sales and lower Initial Jobless Claims for the week ending October 11 have strengthened the US Dollar (USD). The US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, posts a fresh 10-month high at 103.85.
The Retail Sales data, a key measure of consumer spending, rose by 0.4%, faster than estimates of 0.3% and the former release of 0.1%. Meanwhile, individuals claiming jobless benefits for the first time came in lower at 241K than estimates of 260K.
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