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Silver rallies over 1.4% as US inflation cools

XAG/USD last traded at $65.53 after topping $66.80, with the report cited as progress toward the Fed’s 2% goal.

Reported · Written up by our desk · Major Pairs

Silver prices rose more than 1.4% on Wednesday, lifted by a new US inflation report that pointed to cooling prices as they move toward the Federal Reserve’s 2% goal, FXStreet reported.

At the time of writing, XAG/USD was trading around $65.53 after reaching a daily high of $66.80.

The article said the chart setup is neutral to upward biased, with bulls strengthening after silver cleared the 50-day simple moving average near $61.60 and the July 6 high at $63.28 on the way back toward the $65.00 level.

FXStreet also outlined upside levels if momentum continues, including resistance at the August 10 high of $66.59, then the 100-day SMA at $68.87 and the 200-day SMA at $71.47, while noting a bearish shift would require a drop back below the 50-day SMA.

Latest closeSilver $63.77 ▼0.9%

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