Silver Stabilizes Around $37,808
Silver (XAG/USD) traded around $37,808 per troy ounce in the European session, after volatility since morning. Buying interest remains limited as the market reassesses the prospect of a Fed rate cut next month. The psychological $38.00 level remains a frequently tested area, but has not yet been convincingly broken.
Sentiment for precious metals was weighed down by recent hot US data: PPI figures for July were stronger than expected and jobless claims fell to 224,000, causing the dollar and yields to strengthen. Consequently, the likelihood of a 50 bps rate cut in September has faded, while the market is leaning towards a 25 bps rate—a combination that typically limits silver's upside as a non-yielding asset.
Looking ahead, market participants are awaiting US Retail Sales and consumer sentiment in the U.S. of Michigan for the next direction, as well as geopolitical headlines from the Trump-Putin summit in Alaska. For simple technical reference, the $38.00 area is seen as the nearest resistance, while $37.50–$37.20 is being monitored as an initial support zone. Dollar movements and Treasury yields remain key to silver's momentum in the very short term. (ayu)
Source: Newsmaker.id
