Silver price is in the green for the third consecutive week amid the improving risk sentiment. Similar to other precious metals, the recent rally has come despite the US central bank’s plan to end its asset-purchasing program and hike interest rates for the first time since the beginning of the coronavirus pandemic.
Investors appear to be more focused on US inflation. From this perspective, silver has been boosted by its status as a hedge against inflation. However, the hawkish tone from the Fed will likely continue to curb the metal’s gains in the ensuing sessions.
Silver price prediction
Silver price is finding resistance at 22.95 for the second session in a row. This comes after rebounding from a low of 22.18 earlier in the week. Since then, it has surged by about 3.07%.
At the time of writing, the precious metal was up by 0.37% at 22.88. On a four-hour chart, it is trading above the 25 and 50-day exponential moving averages. Notably, the aforementioned resistance level is along the long-term 200-day EMA.
In the coming week, the range between the resistance level of 22.95 and the 50-day EMA at 22.50 will be one to look out for. With additional bullish momentum, the bull may have an opportunity to push silver price past the range’s upper border to find resistance at 23.30. On the flip side, a move below the lower border will likely place the support zone at 22.21.
