The producer Price Index (PPI) remained stable, with its annual rate, fell to 3.2% of 3.7%, which strengthened the expectations of the looser monetary policy.
Silver is stuck in the midst of market volatility
Silver (XAG/USD) acts at $ 33.91 after falling to $ 33.67 earlier in the session. Although the metal is well supported by economic uncertainty and potential nourished policy shifts, a stronger US dollar has a limited upward movement.
Investors continue to use silver as a cover against inflation, but the lack of a clear policy signal has kept prices in a tight reach.
Market focus shifts to important resistance and FED Meeting
Gold remains covered under $ 3,000, because the US dollar is expanding its recovery, so that the upward momentum is delayed. Reports of a potentially cease-fire of 30 days between Russia and Ukraine and efforts to prevent a closure of the US government have facilitated market insecurity, reducing the demand for safe port assets.
Traders look at the Michigan Consumer Sentiment Index and the upcoming Federal Open Market Committee (FOMC) meeting for instructions on policy direction. Every Dovish shift from the Fed can push gold above $ 3,000, which enhances the long-term bullish prospects.
Short -term prediction
Gold remains bullish above $ 2,970, with resistance at $ 2,993. A breakout focuses on $ 3,013, while failure could see support for $ 2,956. Traders Eye FOMC signals for direction.