Silver Price Forecast: Gains 2% on US CPI, struggles below $80.00

💡 DMK Insight

Silver’s bounce from daily lows around $74 is noteworthy, but the week’s overall trend is still bearish. The recent uptick, fueled by a softer US inflation report, highlights the metal’s sensitivity to macroeconomic indicators. While a 2.50% gain is impressive, traders should be cautious as silver is set to close the week negatively. This could indicate a potential resistance level around $78, where profit-taking might occur. If the price fails to hold above $77, we could see a retest of the $74 support, which has been a critical level in recent trading sessions. Watch for any shifts in sentiment as the market digests upcoming economic data, particularly next week’s inflation figures, which could further influence silver’s trajectory. On the flip side, if silver can maintain momentum above $77, it might attract more buying interest, especially from institutional players looking for safe-haven assets amid economic uncertainty. Keep an eye on the daily and weekly charts for any signs of reversal patterns or breakouts that could signal a shift in trend.