Silver (XAG/USD) is trading higher on Friday and on track for a 3.5% weekly rally from $31.20 lows, but the precious metal is struggling to find acceptance in the upper range of the $38.00s, which might lead to some bearish correction.
The Fundamental background remains favourable, with recent US data putting pressure on the US Dollar to lower interest rates, but comments from St Louis Fed President Raphael Bostic warning about the inflationary impact of Trump's tariffs have eased hopes of a September cut, providing some support to the US Dollar.
Beyond that, news reports by Bloomberg suggesting that Fed Governor Christopher Waller might have convinced Trump's team to be the best candidate to replace Jerome Powell as Fed Chairman have been welcomed by the market, providing some support to the US Dollar.
Source: FXstreet
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