Weak USD Supporting SilverThe silver market continues to rally today with silver futures on track for their best month since March, currently up more than 14% from the month’s lows and more than 20% off the YTD lows. The move higher has largely been driven by the shift in the USD landscape. With the greenback under heavy selling pressure this month, (itself on course for its worst month in a year), metals have enjoyed strong demand. The continued drop in US inflation, as well as the recent dip in labour market readings, has solidified the market view that the Fed is done with tightening and will soon move onto policy easing in the first half of next year. While the Fed is pushing back against this view, price action reflects a strong level of conviction among traders that this will prove to be the case. US Data in FocusSilver’s correlation with gold is having a strong supporting impact currently, given the moves higher we’re seeing in the yellow metal. Looking ahead this week, focus will be on a slew of incoming US data and Fed commentary. The data begins later today with US consumer confidence due for last month. Given the current market narrative around US data and the Fed, if we see any undershooting of today’s forecast for 101 down from 102.6, this should put further pressure on USD, allowing silver to move higher into the middle of the week. Technical Views SilverThe rally in silver has seen the market breaking out above the 23.7419 level and the bear channel highs. The market is now fast approaching a test of the 25.1094 level and with momentum studies bullish, the focus is on a break higher and a continuation towards the 26.0974 level next. More By This Author:Bitcoin Commentary – Tuesday, Nov. 28Eurozone Commentary – Tuesday, Nov. 28GBP Commentary On Monday, November 27