Silver Price Holds Gains But Struggles for Fresh Momentum
Silver prices have been holding their gains but are struggling to gain fresh momentum. The XAG/USD price has bounced from an intraday low of $63.51 and is currently trading around $65.
The US Dollar's weakness across the board due to the latest batch of US economic data reducing expectations of a near-term Federal Reserve interest-rate hike is providing a supportive backdrop for the non-yielding metal.
However, weakening short-term momentum leaves Silver vulnerable to further consolidation. The pair remains within the narrow range seen this week and holds above the 50-period Simple Moving Average (SMA) at $63.60.