Silver Prices Consolidate Near $58.60 Amid Ongoing Inflation Concerns

Silver prices have stabilized between $55 and $63 since late June, indicating signs of stabilization after a series of lower highs and lows from May's peak near $90.00.

Despite this consolidation, XAG/USD is struggling to reclaim the 21-day Simple Moving Average (SMA) at $58.82, maintaining the bearish structure intact.

The Relative Strength Index (RSI) near 45 suggests subdued momentum, while the Moving Average Convergence Divergence (MACD) indicator sits slightly above the zero line, indicating moderate selling pressure.

A sustained break above the current resistance levels of $63 and the 50-day SMA at $65.44 would be necessary to challenge the broader bearish structure, with the 100-day SMA at $71.21 acting as the next major hurdle.