Similar to gold, this precious metal surged in value when the U.S. core PCE price index showed a little less weakness than anticipated.
Although the headline number was consistent with forecasts of a 0.4% monthly increase in February, the prior number was revised downward from the previously announced 0.2% growth to a mere 0.1%.
This continues the week's run of below-expected U.S. data releases, which began with the preliminary GDP reading for Q4 2023 being reduced and continued with disappointing durable goods orders figures.
With that, it appears that silver is refocusing on the upside goals, which include the $23.000 pivot point level and the $23.418 range resistance at R1. If bullish momentum continues past this barrier, XAG/USD could even reach R2 ($23.887) or rise to the rectangle pattern's height.
But if risk-off flows pick up again, a return to selling sentiment could push the commodities price back down to the lower end of the range, close to S1 ($22.094).
There is still time for the U.S. ISM manufacturing PMI to be released later today, which could be a significant driver of dollar price movement and mood swings in the market.
