Silver Price Analysis: XAG/USD is stuck in a tight range around $24.50 ahead of US Inflation

Silver price consolidates around $24.50 ahead of US Inflation data.
The US core CPI is expected to decelerate while the headline inflation might remain sticky.
Silver price needs a fresh trigger for a decisive break above $24.60.

Sagar Dua FXStreet

Silver (XAG/USD) traded in a narrow range around $24.50 in Tuesday’s European session. The white metal has struggled to find a direction since Friday’s trading session. The asset is expected to break out of its sideways trend after the release of the United States Consumer Price Index (CPI) data for February, which will be published at 12:30 GMT.

The monthly headline inflation is forecasted to have risen by 0.4% from 0.3% in January. In the same period, the core inflation that strips off volatile food and energy prices is anticipated to have grown at a slower pace of 0.3% against the prior reading of 0.4%. For annual figures, economists expect that the headline CPI remains sticky at 3.1% and the core inflation decelerates to 3.7% from 3.9% in January.

The market expectations for the Federal Reserve (Fed) rate cuts in the June policy meeting will be significantly influenced after the release of the inflation data.

Ahead of the US consumer price inflation data, market sentiment is quite bullish. S&P 500 futures have posted significant gains in the London session, portraying the higher risk appetite of the market participants. 10-year US Treasury yields have dropped to 4.10%. The US Dollar Index (DXY) trades inside Monday’s trading range around 102.80.

Silver technical analysis

Silver price turn sideways after testing the horizontal resistance plotted from December 22 high at $24.60. The overall trend is bullish, however, a time correction move is expected before a fresh upside move. Advancing 20-day Exponential Moving Average (EMA) near $23.50 indicates that the near-term demand is upbeat.

The 14-period Relative Strength Index (RSI) oscillates in the bullish range of 60.00-80.00, indicating that a bullish momentum is already triggered.

Silver daily chart

XAG/USD

Overview
Today last price	24.43
Today Daily Change	-0.04
Today Daily Change %	-0.16
Today daily open	24.47

Trends
Daily SMA20	23.17
Daily SMA50	22.96
Daily SMA100	23.3
Daily SMA200	23.29

Levels
Previous Daily High	24.52
Previous Daily Low	24.24
Previous Weekly High	24.64
Previous Weekly Low	23.02
Previous Monthly High	23.5
Previous Monthly Low	21.93
Daily Fibonacci 38.2%	24.42
Daily Fibonacci 61.8%	24.35
Daily Pivot Point S1	24.3
Daily Pivot Point S2	24.13
Daily Pivot Point S3	24.02
Daily Pivot Point R1	24.58
Daily Pivot Point R2	24.7
Daily Pivot Point R3	24.87

Author

Sagar Dua

FXStreet

Sagar Dua is associated with the financial markets from his college days. Along with pursuing post-graduation in Commerce in 2014, he started his markets training with chart analysis.

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