Silver recently broke the resistance zone between the resistance level 62.60 (top of the previous wave 2 from July) and the 50% Fibonacci correction of the downward impulse from June.
Silver's bullish reversal is gaining strength after resistance turned support, putting near-term targets in focus while opening a potential path toward the $71–$72 resistance zone.
Silver Price Forecast: XAG/USD eyes $69 as rally extends
The silver market is slightly positive on Monday in early trading, as we are looking to possibly continue the bullish momentum. A bit of hesitation has been seen though.
CPI will determine whether silver clears its 52-week moving average and targets $74.63 or loses momentum and retests $60.83.
Silver tests $65: Why are buyers struggling to extend the rally?
Silver price today: Silver rises, according to FXStreet data
TL;DR: A weak jobs report already made the case for a Fed hold, but only Wednesday's CPI can confirm inflation is cooling too — and if it comes in soft without reviving growth fears, Silver's dual identity as both a monetary and industrial metal could let it outrun Gold.
Silver outlook remains positive [Video]
Silver Price Forecasts: XAG/USD confirms a bullish H&S targeting $67.17
XAGUSD(Silver) taking a breather XAGUSD(Silver) remains cautious even though a weaker US dollar boosted the demand for precious metals. A surge above 63.00 was a sign of strong buying pressure, pushing the price towards 65.00.
Gold and silver remain supported by a weak US dollar, while upcoming US inflation data and key resistance levels may determine the next move.