Silver Price Capped Above $67.40 as USD Gets Boost from Inflation Figures

The price of silver has remained bullish despite its pullback from the $70.00 area, with dips being capped above $67.40.

This is according to Mitrade, which states that the broader trend remains in favor of silver bulls, with price action steady above previous highs around $67.00.

The US Dollar received some support on Wednesday due to high US Personal Consumption Expenditures (PCE) Price Index figures, confirming that inflation remains sticky and well above the 2% target set by the Federal Reserve (Fed).

Bets for a September rate hike remained practically unchanged at 36%, according to the CME Group's FedWatch Tool.