Silver Price Bounces Back to Target $67.17 Resistance

The price of Silver (XAG/USD) has resumed its near-term bullish trend after bouncing back from the $64.20 area, where it found buyers on Tuesday.

The precious metal is now targeting the $67.17 resistance area ahead of the release of July's US Consumer Price Index (CPI) report.

Analysts at ING note that the market is looking for a softer price story in the CPI data, with a 0.1% month-on-month read on core inflation potentially shifting expectations and dragging market pricing of a September Fed rate hike away from a 50% probability in favor of no change.