Silver price is trading steadily above the crucial level of $23.00 after surging above it on Wednesday. A decline in the US dollar has boosted the precious metal. The US CPI numbers released in the previous session showed that consumer prices in 2021 recorded the highest annual gain since 1982.
The readings were in line with analysts’ expectations; failing to offer additional drive regarding the Fed’s efforts to tighten its monetary policy. In the ensuing sessions, the greenback will remain a key driver of the precious metal’s price movements.
Silver price prediction
Silver price has been on an uptrend for about a week now. After dropping to its lowest level since mid-December in the past week at 21.95, the precious metal has surged by about 5.56%.
At the time of writing, it was up by 0.18% at 23.18. On a four-hour chart, it is trading above the 25 and 50-day exponential moving averages. It is also above the long-term 200-day EMA. Based on these technical indicators, the metal will likely record further gains as the bullish outlook continues in the ensuing sessions.
In the immediate term, silver price will likely find resistance at 23.27. With additional bullish momentum, the bulls will have an opportunity to hit the next target at the crucial level of 23.50.
On the flip side, it may pull back to the support level along the 200-day EMA at 22.85. A further decline will likely place the support along the 25-day EMA at 22.75.