Silver Prices Hang Above Key Support as CPI Report Looms

Silver prices have pulled back after their latest rally, but XAG/USD remains above a key technical level that could keep the recovery alive. The spot price fell 1.7% to $64.64 an ounce on Tuesday, August 11, following a 2.3% climb to $65.03 on Monday.

The retreat comes as precious-metals traders prepare for the July U.S. Consumer Price Index report, due Wednesday at 8:30 a.m. ET. A softer inflation reading could support silver prices if it further reduces expectations for tighter Fed policy and pressures the dollar.

Citi's $70 near-term silver forecast remains in play, with technical resistance levels particularly relevant. Holding above $63 keeps the short-term recovery structure intact, while breaking above $67.15 would strengthen the bullish case and expose the next resistance near $71.56.