Silver Price Fails to Break Through Resistance Amid Inflation Worries

The price of Silver (XAG) has been trading sideways at $63.56, posting a modest intraday gain.

However, the metal remains below its key moving averages, indicating ongoing pressure relative to short- and medium-term trends.

Rising inflation fears due to the non-renewal of the US-Iran ceasefire have raised concerns about potential central bank rate hikes, reducing the appeal of silver.

The technical analysis suggests that Silver trades below key moving averages with momentum indicators showing bearish pressure and a projected range of $62.06 to $65.06 over the next 2-3 trading days.