The price of silver (XAG/USD) is currently at $31.23, showing positive momentum amid a weakening US dollar. This upward trend is driven by expectations of potential interest rate cuts by the Federal Reserve due to a soft labor market. A declining dollar makes silver more appealing to investors, boosting demand and pushing prices higher. Despite encouraging inflation data in the US, the prospect of further rate cuts continues to support silver’s positive trajectory. Investors are focusing on the upcoming US Producer Price Index (PPI) report, waiting to see its impact on silver prices. A higher-than-anticipated PPI figure could strengthen the dollar and limit silver’s gains, while a lower reading may weaken the dollar and further lift silver prices. Additionally, attention is on China’s forthcoming fiscal stimulus measures, which could influence industrial demand for silver. Such developments might temper immediate price surges as investors seek more clarity. While silver’s bullish trend persists, staying informed about economic indicators and global events is crucial for market stability. In the short term, silver is trading at $31.17 due to a softer US dollar and expectations of Fed rate adjustments. The technical outlook suggests a positive momentum as long as silver holds above the $31.22 level, with resistance levels at $31.55, $31.88, and potentially $32.35, and support at $30.81, $30.46, and $30.13.