Posted 10th July 2023

Silver Price News: Silver holds above $23 as markets await US inflation data

carlo alberto silver holds market await us inflation data

Silver gained around 2% last week, returning above $23 per ounce. Analysing the charts, we can see that the price declined on Thursday, but the fall was recovered entirely on Friday, confirming investors’ interest in the precious metal.

From a technical perspective, silver has found a solid support zone at $22, rebounding by around 6% in the last two weeks, after the bearish mode seen in May and partially also in June. A clear recovery and surpass of the resistance zones at $24 and $24.3 could reverse the trend, opening space for further recovery.

After the US non-farm payrolls were released below expectations on Friday, investors will focus on the US CPI. The figures will be published on Wednesday and are expected to decline further to 3.1% (from the previous 4.0%). After this, we will have the next Federal Reserve board meeting in two weeks, with the FOMC expected to put in place a final rate hike from the current 5.25% to 5.50%.

So far, there are no massive signals of recession. With the Fed seemingly at the end of its tightening process, this traditionally should represent a positive catalyst for the silver price. Moreover, physical demand for the metal remains elevated, with a potential upside for the silver price.


Carlo is an external market analyst for Kinesis Money. With a credential background in Economic Finance and International Exchange (MA), Carlo’s critical analysis of gold and silver markets’ performance is frequently quoted by leading publications such as ForbesReutersCNBC, and NasdaqThis publication is for informational purposes only and is not intended to be a solicitation, offering or recommendation of any security, commodity, derivative, investment management service or advisory service and is not commodity trading advice. This publication does not intend to provide investment, tax or legal advice on either a general or specific basis.