The price of silver ($XAGUSD) appears to have solid backing above the $22.60 mark, following the US inflation rate growing at a slower pace than anticipated.

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• Silver price seems well supported above $22.60 after US inflation expands slower than expected.

The pair currently trades last at 22.824.

The previous day high was 22.94 while the previous day low was 22.62. The daily 38.2% Fib levels comes at 22.74, expected to provide support. Similarly, the daily 61.8% fib level is at 22.82, expected to provide support.

Silver price (XAG/USD) turns volatile as the United States Bureau of Labor Statistics reports that inflation grew at a steady pace in July. Headline and core inflation expanded at a 0.2% pace. The economic data remained in line with forecasts.

Annual Consumer Price Index (CPI) softened to 4.7% while investors were anticipating a steady figure at 4.8% while headline inflation grew modestly to 3.2% from the prior release of 3.0% but remained marginally below than the consensus of 3.3%. Sticky inflationary pressures might allow the Federal Reserve (Fed) policymakers to keep interest rates steady.

Fed chair Jerome Powell commented in July’s policy meeting that the central bank will remain dependent on incoming data. US hiring slows down in July and inflation maintains a steady pace of 0.2%, which is mostly in line with the Fed’s desired rate of 2%. However, sustained wage growth with a historically low jobless rate could be a concern for policymakers.

After the inflation hangover, investors will focus on the US Producer Price Index (PPI) data for July, which will be published on Friday at 12:30 GMT. Headline PPI data is expected to deliver a decent recovery as gasoline prices rebounded last month.

Silver price looks well-supported near the crucial support around $22.66 on an hourly scale. The white metal climbs above the 20-period Exponential Moving Average (EMA) at $22.75, which indicates that the short-term trend turns bullish. Horizontal resistance is plotted from August 03 low at $23.40.

The Relative Strength Index (RSI) (14) climbs into the 40.00-60.00 range after witnessing a fade in bearish momentum.

Technical Levels: Supports and Resistances

XAGUSD currently trading at 22.82 at the time of writing. Pair opened at 22.67 and is trading with a change of 0.66 % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 24.26, 50 SMA 23.7, 100 SMA @ 24.06 and 200 SMA @ 23.22.

The previous day high was 22.94 while the previous day low was 22.62. The daily 38.2% Fib levels comes at 22.74, expected to provide support. Similarly, the daily 61.8% fib level is at 22.82, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 22.55, 22.43, 22.23
• Pivot resistance is noted at 22.86, 23.06, 23.18

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