On Monday, silver prices decreased significantly, hitting a two-week low, driven by a combination of a strengthening U.S. dollar, disappointing Chinese economic data, and decreased trading volume due to a U.S. bank holiday. Since August 26, the market has been fluctuating between $26.47 and $30.19. The current trading value for XAG/USD stands at $28.59, marking a decrease of $0.28 or -0.96% at 11:46 GMT. The silver market is experiencing downward pressure as investors focus on upcoming U.S. economic indicators, including the ISM surveys, JOLTS job openings, and the forthcoming non-farm payrolls report. These data points will play a crucial role in shaping expectations for the Federal Reserve’s policy decision at its meeting on September 17-18. Presently, there is a high probability of a rate cut by the Fed, with a 69% chance of a 25-basis-point cut and a 31% chance of a 50-basis-point cut according to the CME FedWatch tool. Furthermore, weak manufacturing data from China is adding to concerns about industrial demand for silver, which is extensively used in manufacturing processes. The ongoing economic challenges in China, coupled with a stronger U.S. dollar and global economic uncertainties, are exerting downward pressure on silver prices. Consequently, the short-term outlook for silver appears bearish as traders await further clarity from economic reports and the Fed’s policy decision.