It is no mystery that in the last few months escalating inflation has been one of the main topics on the markets.
Therefore, investors will pay close attention to the U.S. CPI, which will be released later today. This index is expected to post another increase of 0.5%, after the 0.6% gain of the previous month.
Next week we will have the FOMC meeting (Federal Open Market Committee), where the Federal Reserve is largely expected to raise the rate by 50 basis points, from 1% to 1.50%, while the ECB confirmed yesterday that it will raise rates in July for the first time since 2011.
Live Silver Price - $/oz
In this scenario silver is steady at $21.60-$21.70 per ounce, after losing 1.5% following the ECB meeting. This new decline below $22 has weakened the technical scenario, as silver has been unable so far to show strong signals of recovery and inversion.
It is worth noting that there are many support areas just below the current price (between $21.30 and $21.50) which could curb the bearish momentum seen in the last few weeks. Looking upwards, the first positive signal will arrive with the surpass of the resistance zone placed at $22.20-$22.30.
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