Silver Price Analysis: XAG/USD clears daily gains as the USD recovers

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• XAG/USD trades flat, around $22.90, after peaking at a high around $23.15.
• US Manufacturing and Services PMIs lived up to expectations, while the European figures disappointed.
• Rising US Treasury yields favoured the downward movements. Hawkish bets on the Fed are still low.
   

In Tuesday’s session, the XAG/USD struggled to gather momentum as the USD traded strong against its rivals after the release of strong S&P Global PMIs. As a reaction, US Treasury yields slightly rose but hawkish bets on the Federal Reserve (Fed) still remain low, which could limit the losses for the grey metal. The US will release additional high-tier figures this week, and Chair Powell will speak on Wednesday.