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Silver rebounds above $66 as CPI looms for Fed outlook
XAG/USD has support around $64.20 and bulls are targeting the $67.17 area ahead of the July US CPI release.
Silver prices, measured by XAG/USD, returned to just above $66.00 in Wednesday’s European session after finding support at the $64.20 area on Tuesday, keeping the metal on a bullish path since the early August lows in the mid-$50s.
The uptrend is being driven by expectations around the Fed’s next move, with analysts noting Friday’s soft US jobs data did not weigh heavily on the US dollar, while attention is turning to upcoming inflation data.
ING analysts highlighted that a move to confirm above $67.17, the June 22 high, would open the way toward the 200-day simple moving average near $71.47 and the mid-June peak around $71.56, which are expected to act as resistance.
On the downside, sellers are likely to test Tuesday’s low near $64.23 and a prior resistance zone between a July 6 high at $63.28 and an August 6 high around $62.92, with a further target near $60.81 around prior July highs.
Latest closeSilver $64.92 ▼0.3%