• Silver price gauges an interim cushion near $29.70, more downside looks likely.
• The US Dollar’s rally stalls after the release of the US jobless claims and the PPI data.
• A firm outlook on Trump’s policies will keep the Silver price edgy.

Silver price (XAG/USD) discovers a temporary support near $29.70 in Thursday’s North American session. The white metal finds cushion as the US Dollar (USD) gives up some intraday gains after posting a fresh annual high. The rally in the US Dollar index (DXY), which gauges Greenback’s value against six major currencies, pauses for a while after jumping to near 107.00.

The Greenback faces mild pressure after the release of the US Initial Jobless Claims for the week ending November 8 and the Producer Price Index (PPI) data for October even though the data was USD-positive. Individuals claiming jobless benefits for the first time came in surprisingly lower at 217K than the prior release of 221K, which was expected at 223K.

The headline producer inflation data accelerated to 2.4%, faster than estimates of 2.3% and the September reading of 1.9%. In the same period, the core PPI – which strips off volatile food and energy prices rose by 3.1% than estimates of 3% and the former release of 2.9%. Historically, signs of acceleration in price pressures weigh on market expectations for Federal Reserve (Fed) interest rate cuts, however, the impact is expected to negligible as officials are more worried about stabilizing job market.