Silver Price Soars 1.4% as Inflation Report Boosts Bullish Sentiment

The silver price is showing signs of bullish momentum after a recent surge over 1.40% on Wednesday, driven by the latest US inflation report that showed prices cooling towards the Federal Reserve's goal of 2%. At $65.53, the XAG/USD pair reached a daily high of $66.80.

From a technical perspective, silver is neutral to upward biased, with bulls gathering strength after clearing the 50-day Simple Moving Average at around $61.60 and the July 6 high at $63.28. The Relative Strength Index (RSI) indicates that momentum still favors further upside.

The next resistance for silver would be the August 10 high at $66.59, followed by the 100-day SMA at $68.87 and then the 200-day SMA at $71.47. A bearish resumption could prompt a drop below the 50-day SMA, which could challenge the July 6 high-turned support of $63.28.