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Silver price (XAG\/USD) remains stuck in a tight range around $27.60 in Friday\u2019s American session. Traders reassess expectations for the Federal Reserve (Fed) rate cuts as the United States core Personal Consumption Expenditure<\/a> Price Index (PCE) for March remain higher than the consensus.<\/p>\n The annual underlying inflation data rose by 2.7% from the estimates of 2.6% but decelerated from the prior reading of 2.8%. On a month-on-month basis, price pressures grew in line with expectations and the prior reading of 0.3%. Price pressures remaining higher fuel expectations for Federal Reserve (Fed) maintaining a hawkish monetary policy framework.<\/p>\n The scenario is favorable for the US Dollar and bond yields but weighs on non-yielding assets, such as Silver. The US Dollar Index<\/a> (DXY) rebounds from 105.40 amid expectations that the Fed will keep interest rates<\/a> higher for a longer period. The Fed sees rate cuts appropriate only when they get evidence that inflation will return to the desired rate of 2%. 10-year US Treasury yields are down 1.15% to 4.65%.<\/p>\n Meanwhile, investors shift focus to the Fed\u2019s interest rate decision, which will be announced on May 1. The Fed is anticipated to keep interest rates unchanged in the range of 5.25%-5.50%. Though the Fed<\/a> is expected to maintain the status quo, investors will focus on guidance on interest rates.<\/p>\n Silver price corrects to near March 2022 high near $27.00 after failing to extend upside above the crucial resistance of $30.00. The near-term appeal for Silver seems uncertain as it struggles to sustain near the 20-day Exponential Moving Average (EMA), which trades around $27.20.<\/p>\n The 14-period Relative Strength Index (RSI) shifts into the 40.00-60.00 range from the bullish range of 60.00-80.00, suggesting that the bullish momentum has faded for now.<\/p>\nSilver technical analysis<\/h2>\n
Silver daily chart<\/h3>\n