Silver Prices Face Key Resistance Zone Near $63 Amid Busy Economic Calendar

Silver prices have been on the rise, climbing about 5% from $58 to around $63.50-$64.10 an ounce last week.

This gain can be attributed to softer U.S. jobs data, which made people think the Federal Reserve might not tighten as much, and lower Treasury yields and a weaker dollar, which gave precious metals a boost.

However, this rally is now facing a key resistance zone on the weekly chart near $63.

The upcoming week will be crucial for silver prices, with U.S. inflation data, producer prices, consumer data, a 10-year Treasury auction, crude oil inventories, and University of Michigan sentiment data all set to release.

If softer inflation data supports silver by reducing pressure on Treasury yields and the dollar, it could strengthen the case for lower rates, supporting the metal's price.