Silver Price Forecast: XAG/USD stays on sidelines around $28.60 ahead of US Inflation data

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Silver Price Forecast: XAG/USD stays on sidelines around $28.60 ahead of US Inflation data
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Silver price (XAG/USD) trades in a confined range around $28.60 in Wednesday’s European session.

Silver price exhibits strength amid soft US Dollar ahead of US CPI data. US consumer inflation remained stubbornly higher in the first three months of this year. US bond yields drop amid firm speculation that the Fed will pivot to policy normalization from September. Silver price trades in a confined range around $28.60 in Wednesday’s European session.

Silver technical analysis Silver price recovers sharply after discovering buying interest near the horizontal support plotted from 14 April 2023 high around $26.09 on a daily timeframe. The above-mentioned support was earlier a major resistance for the Silver price bulls. The white metal is approaching the multi-year high at $29.80. The near-term outlook of Silver has improved as it returns above the 20-period Exponential Moving Average , which trades around $27.30.

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