Silver Prices Hit Wall at $61.75 Ahead of US Inflation Data

Silver prices have been on a rollercoaster ride, reaching $61.75 on Wednesday before hitting a wall. With key economic announcements scheduled for the United States, some traders are waiting to see if the recent bounce in silver prices will continue.

The bounce is temporary and within the confines of an existing trend. To determine if the trend has changed, we need to wait for inflationary pressures to ease and whether that leads to lower prices for silver.

According to the chart provided, the first-level support for silver is at $60.30, followed by $60. Resistance is between $62.20 and $62.25. The 4-hour chart's 200-period EMA is at $64.28.