Silver Price Rises After Inflation Report, But Analysts Predict a Fall

The price of silver has been on an upward trend after the latest inflation report in the United States. According to Bull Theory, more than $740 billion has flowed into core CPI gold and silver exposure in just 30 minutes since the monthly data was released.

The Elliott Wave Forecast, however, sees a different scenario for XAG/USD. The analyst forecasts that the price will fall first before buyers come in, with the current price action indicating that buyers are holding up on the move.

The chart from Elliott Wave suggests that the current price is around $63.41 and anticipates more downward movement towards $58-$60. There are several Elliott Wave labels showing the potential corrective path, and the move itself is a lower structure in preparation for a potential recovery.