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The Producer Price Index (PPI) held steady, with its annual rate declining to 3.2% from 3.7%, reinforcing expectations of looser monetary policy.
Silver Holds Steady Amid Market Volatility
Silver (XAG/USD) is trading at $33.91 after dipping to $33.67 earlier in the session. While the metal remains well-supported by economic uncertainty and potential Fed policy shifts, a stronger U.S. dollar has limited upward movement.
Investors continue to use silver as a hedge against inflation, but the lack of a clear policy signal has kept prices in a tight range.
Market Focus Shifts to Key Resistance and Fed Meeting
Gold remains capped below $3,000 as the U.S. dollar extends its recovery, slowing upward momentum. Reports of a potential 30-day ceasefire between Russia and Ukraine and efforts to prevent a U.S. government shutdown have eased market uncertainty, reducing demand for safe-haven assets.
Traders are watching the Michigan Consumer Sentiment Index and upcoming Federal Open Market Committee (FOMC) meeting for clues on policy direction. Any dovish shift from the Fed could push gold above $3,000, reinforcing the long-term bullish outlook.
Short-Term Forecast
Gold remains bullish above $2,970, with resistance at $2,993. A breakout targets $3,013, while failure could see support at $2,956. Traders eye FOMC signals for direction.
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