SILVER
Silver is trading below the resistance level of $62.80, and prices are likely to target the support level of $57.10. This scenario would be invalidated if prices break above the aforementioned resistance level.
|
Support |
57.10 | 54.80 |
| Resistance | 62.80 |
67.90 |
Silver prices continued to decline during today’s trading session, falling by 1.2% to trade near $59 per ounce, amid persistent selling pressure across precious metals and growing investor caution ahead of the release of US inflation data. The decline extended losses from previous sessions, driven by concerns over elevated energy prices and their impact on inflationary pressures, which could prompt the Federal Reserve to pursue further monetary tightening, reducing the appeal of silver as a non-yielding asset.
Silver’s performance in the coming period will remain closely tied to the US Consumer Price Index (CPI) report, Treasury yields, and movements in the US dollar. A higher-than-expected inflation reading could strengthen expectations of further interest rate hikes, placing additional pressure on the white metal and potentially pushing prices toward lower support levels. Conversely, signs of easing inflation could help reduce selling pressure and pave the way for a limited price recovery.
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