Silver rallies to new all-time high above $69 on Fed rate cut bets, USD weakness

Silver (XAG/USD) is extending its bullish momentum on Monday, trading around $69.05 at the time of writing, which is a 2.75% increase for the day. Earlier today, it reached a new all-time peak of $69.47. The primary drivers behind this rally are expectations of a rate cut by the Federal Reserve and a weakening US dollar. Market participants anticipate that the Fed may cut rates to combat rising inflation pressures, increasing demand for silver. Additionally, the weaker dollar is providing further support to silver prices, attracting more investors to this metal. With the recent achievement of historical highs, bullish sentiment may strengthen, and $69.50 could serve as the next resistance level. However, upcoming economic data releases and policy developments will be crucial.