Silver price (XAG/USD) rallies to near $30.50 in Wednesday’s American session. The white metal strengthens as the US Dollar (USD) fell on the backfoot after Federal Reserve (Fed) Chair Jerome Powell said in the European Central Bank (ECB) Forum on Central Banking on Tuesday that recent data suggests the United States (US) economy has returned on the disinflationary path.Fed Powell acknowledged that the central bank has made quiet a bit progress on inflation. In spite of that policymakers want to see inflation declining for months before lowering interest rates. The US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, corrects further to near 105.50. 10-year US Treasury yields decline to near 4.42%. Lower yields on interest-bearing assets and the US Dollar reduce the opportunity cost of holding an investment in non-yielding assets, such as Silver.Meanwhile, investors turn uncertain over labor market conditions as private payrolls unexpectedly dropped in June. The ADP Employment report showed that fresh payrolls came in at 150K. Economists forecasted them to have remained slightly higher at 160K than the prior release of 152K.Going forward, investors will focus on the US ISM Services PMI for June and the Federal Open Market Committee (FOMC) minutes of the June meeting. Silver technical analysisSilver price attempts to deliver a breakout of the Falling Channel chart formation on a daily timeframe. This suggests that a corrective move in the Silver price has now concluded and it has resumed its upside journey.The white metal climbs above the 20-day Exponential Moving Average (EMA) near $29.60, suggesting that the near-term trend is bullish.The 14-period Relative Strength Index (RSI) approaches 60.00. A decisive break above the same would shift momentum towards the upside. Silver daily chart More By This Author:AUD/USD Exhibits Sideways Trend Below 0.6700 With US Labor Market Data In Focus Pound Sterling Clings To Gains Ahead Of US Data, UK Elections Outcome AUD/USD Recovers As US Dollar Consolidates Gains, Fed Powell’s Speech In Focus