XAG/USD climbs toward key resistance as markets await July inflation figures to gauge Fed policy moves.
Silver prices advanced to $66.00 in European trading, extending gains after rebounding from $64.20 support. The metal remains on an upward trajectory from August lows near $56.00, with traders targeting $67.15 resistance before July’s US Consumer Price Index release.
Analysts suggest soft US jobs data failed to weaken the dollar, shifting focus to inflation figures. A 0.1% month-on-month core CPI print could reduce September Fed rate hike odds below 50%, favoring a pause.
Technical indicators support the bullish outlook, with the RSI at 62.40 and MACD positive. A break above $67.17 may open a path toward $71.50.