XAG/USD retreats below $38.50 amid a firmer Dollar
Silver’s (XAG/USD) accelerates its reversal from last week’s highs right above $39.00, to levels below $38.50, with bears testing support at Tuesday’s low of $39.35, amid a broad-based US Dollar strength on Wednesday.
The US Dollar Index, which measures the value of the US Dollar against the world’s most-traded currencies, appreciates for the fourth consecutive day. The Greenback is drawing support from a weak Euro amid market concerns about the consequences of a highly likely collapse of the French government.
The market, so far, is shrugging off concerns about Trump’s attempts to compromise the Federal Reserve’s independence and rising hopes of immediate Fed cuts, which leaves precious metals on the defensive.
Source : Fxstreet