Silver price (XAG/USD) demonstrated violent moves near the crucial resistance of $23.00 after the United States inflation in August turned out stickie
Monthly US headline inflation grew at a 0.6% pace as anticipated by market participants, due to a rally in gasoline prices.Silver
price demonstrated violent moves near the crucial resistance of $23.00 after the United States inflation in August turned out stickier than expected. The white metal is expected to find a decisive move after a scrutiny of the inflation report by investors. US Bureau of Labor Statistics reported that monthly headline inflation grew at a 0.6% pace as anticipated by market participants, higher than the former reading of 0.2% due to a rally in gasoline prices. Annualized headline Consumer Price Index accelerated to 3.7% vs. expectations of 3.6% and the former release of 3.2%.
Core CPI that strips off volatile food and oil prices expanded at a higher pace of 0.3% than expectations and the prior reading of 0.2%. US core CPI, on an annual basis, softened to 4.3% as projected against July’s reading of 4.7%. Persistence in US inflation figures is expected to feed hopes for one more interest rate increase by the Federal Reserve in the rest of the year.vs. a 93% chance before the US inflation data release, according to the CME Fedwatch Tool.
The Relative Strength Index skids into the bearish range of 20.00-40.00, which indicates that the bearish impulse has been triggered.
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