The XAG/USD rose near the 200-day Simple Moving Average (SMA) towards the $23.20 area, mainly driven by a softer USD. Investors await Thursday's annua
in bond markets and the Silver price dynamics. As for now, US yields are rising, limiting further Silver´s gains.from the Federal Reserve will deliver a speech at the annual Jackson Hole Symposium, which will likely ramp up volatility in the USD and the US bond market price dynamics. As for now, the US economy is holding firm and inflation is seeing a mixed picture, so clues regarding forward guidance will set the pace for the US yield dynamics and affect the non-yielding Silver.
According to the CME FedWatch tool, markets are confident that the Fed won’t hike in September, while the odds of a 25 basis point increase rise near 40% in November. However, those bets will likely change after Chair Powell’s speech on Thursday.Observing the daily chart, the outlook is neutral to bullish for the short term as the bulls are gaining momentum but still have some work to do.
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