Silver price (XAG/USD) encounters resistance while attempting to extend its rally beyond the $23.00 level. The white metal faces a sideways movement as investors redirect their attention to the upcoming release of the United States core Personal Consumption Expenditure (PCE) price index data for December, scheduled for 13:30 GMT.

In the current market environment, S&P500 futures reflect significant losses during the European session, indicating a notable decline in market participants’ risk appetite. Concurrently, the US Dollar Index (DXY) is aiming to reclaim its almost six-week high of 103.82 as safe-haven demand sees an uptick.

The silver market is experiencing some pressure, and the outlook remains dependent on the forthcoming PCE data, with strong GDP numbers and persistent inflation potentially influencing the Federal Reserve to maintain a hawkish interest rate stance.