Silver Price Update: XAG/USD Sees Buyers Below $23.00, Eyes US CPI Data

Silver continues to gain ground in Monday’s early European trading, hovering around $22.80. The focus remains on the upcoming US January Consumer Price Index (CPI) report, which could influence silver’s direction. Currently, XAG/USD is up by 0.82% on the day.

Analyzing the four-hour chart, silver’s bullish trend remains intact as it trades above the crucial 100-period Exponential Moving Average (EMA). The Relative Strength Index (RSI) also signals favorable upside momentum, sitting comfortably above the 50 midline.

A potential bullish breakout above the upper boundary of the Bollinger Band at $22.85 could pave the way for a rally towards the psychological round mark of $23.00, followed by recent highs at $23.25 and $23.53. Further upward targets include levels around $24.09.

Conversely, initial support for silver is seen at the 100-period EMA level of $22.70. A break below this support might lead to a decline towards recent lows at $22.48 and further down to the lower Bollinger Band limit at $22.10, with a potential target near $21.92, a low from January 22.

Investors are closely monitoring these levels and await the US CPI data for potential market movements.

Silver four-hour chart

XAG/USD