Is Silver (XAG) Heading for Bearish Correction as it Trades at $29.56?

Welcome to Extreme Investor Network, where we provide unique insights and analysis on the stock market, trading, and all things Wall Street. Today, we’re diving into the recent trends in silver trading and how it’s been influenced by the current market environment.

Silver (XAG/USD) has been on an upward trend, with prices hovering around $29.56 and peaking at $29.84 in intraday trading. This climb can be attributed to the weaker US dollar, which came as a result of the latest Consumer Price Index (CPI) report showing a slowdown in US inflation for April. As a result, investors are now anticipating potential rate cuts by the Federal Reserve later this year.

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Looking ahead, traders are keeping a close eye on various upcoming US economic data releases, such as Building Permits, Housing Starts, Initial Jobless Claims, the Philly Fed Manufacturing Index, and Industrial Production scheduled for Thursday. Additionally, speeches from Fed officials Barr, Harker, Mester, and Bostic are also on the radar. It’s worth noting that any hawkish comments from these officials could boost the US dollar and put a cap on silver’s gains in the short term.

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