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


Today last price22.8
Today Daily Change0.19
Today Daily Change %0.84
Today daily open22.61
Daily SMA2022.71
Daily SMA5023.27
Daily SMA10023.11
Daily SMA20023.37
Previous Daily High22.72
Previous Daily Low22.36
Previous Weekly High22.75
Previous Weekly Low22.14
Previous Monthly High24.09
Previous Monthly Low21.93
Daily Fibonacci 38.2%22.59
Daily Fibonacci 61.8%22.5
Daily Pivot Point S122.41
Daily Pivot Point S222.21
Daily Pivot Point S322.05
Daily Pivot Point R122.77
Daily Pivot Point R222.93
Daily Pivot Point R323.13

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