Silver Price Forecast: XAG/USD eyes a confident break above $24.00 as USD Index retreats

NEW YORK (June 16) Silver price (XAG/USD) is looking for breaking above the crucial resistance of $24.00 in the European session. The white metal is getting strength as the US Dollar Index (DXY) is expected to resume its downside journey below 102.00.

The USD index has retreated after a less-confident pullback to near 102.29 as further ease in United States labor market conditions indicates that the Federal Reserve (Fed) could continue skipping interest rate hikes in July’s monetary policy meeting too.

On Tuesday, the US Department of Labor conveyed that initial jobless claims have landed higher than expectations straight for four weeks. For the week ending June 09, jobless claims landed at 262K, similar to their prior release while the street was anticipating a decline to 249K.

While upbeat monthly Retail sales data failed to provide strength to the US Dollar bulls. The anatomy of the Retail Sales report showed that demand for automobiles and building materials was extremely solid. The economic data was surprisingly expanded by 0.3% while the street was anticipating a contraction of 0.1% but the pace of expansion has slowed against the prior pace of 0.4%.

Meanwhile, S&P500 futures have recovered their entire losses while entering into the London session as the overall market mood is quite upbeat.

FXStreet