Fundamental News and Triggers

• The US CPI grew less than anticipated, which caused the dollar to fall to a 15-month low of 100.50 and the benchmark 10-year Treasury bond yields to continue their downward trend. This led to the best intraday gain in the bullion market and reached one-month high levels.

• Inflation as measured by the annual CPI in the US decreased to 3% in June, the lowest level since March 2021 and the 12th consecutive month of declines. In May, it was 4%, and the prediction was 3.1%. While the monthly core CPI increased by 0.2% in the reported month, compared to a 0.3% rise expected and May’s 0.4%, the annual US core inflation eased to 4.8% in June, compared to 5.0%expected and 5.3% previously.

 

Technical Triggers

• The spot price will continue to rise toward the subsequent leg higher of $1975 to $1985 as long as it remains stable above the demand zone between $1945 and 1940.

• The next resistance level for silver is $25.2. Silver has recovered and crossed key resistance at $23.5.

 

Support and Resistance

 

 

 

 

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