Silver Stands Firm Above $69 Ahead of Crucial US Inflation Data

Silver has maintained its ground above $69 per ounce as markets await the release of the US Personal Consumption Expenditures (PCE) price index. This data is crucial for the Federal Reserve when setting interest rates, and investors are closely watching it for clues on the central bank's next policy move.

The PCE price index is a critical indicator that influences the Fed's decision-making. A higher-than-expected reading could reinforce the case for maintaining elevated rates, strengthening the US dollar and potentially pressuring silver prices. Conversely, a softer figure might fuel expectations of rate cuts, which typically supports non-yielding assets like silver.

Immediate support is seen around $68.50, while a breakout above $70 could open the door to new highs for silver. Technical indicators suggest a balanced market, with the Relative Strength Index (RSI) hovering near neutral territory, indicating that neither buyers nor sellers have full control.