Silver futures hit $68.08 as September rate-hike odds fall
Silver futures rallied for two sessions after holding support near the 50-day moving average, gapping higher to an intraday peak of $68.08. Fed Governor Christopher Waller’s steady-rate guidance pushed September hike odds to 50.4%.
Bob Iaccino discusses the recent price action in Silver futures, noting a two-day rally after holding support near the 50-day moving average.
Prices gapped higher, reaching an intraday peak of $68.08.
Market sentiment was influenced by comments from Federal Reserve Governor Christopher Waller, who signaled support for holding rates steady in September if inflation data continues to show progress.
This drove the probability of a September rate hike down to 50.4%.
Additionally, the labor market showed signs of cooling, with ADP reporting 38,000 private sector jobs added in August and initial jobless claims rising to 206,000.
Markets now await Friday's nonfarm payrolls report for further direction.