Silver price (XAG/USD) faces selling pressure above $22 after the United States inflation report for September
Silver price faces some sell-off after US core inflation for September matched expectations. The headline CPI data rose marginally as global oil prices spiked gasoline rates. Silver price struggles to extend upside above the horizontal resistance plotted at $22.23. Silver price faces selling pressureabove $22 after the United States inflation report for September remained almost in line with expectations. The US Bureau of Labor Statistics reported that the core Consumer Price Index grew by 0.
Meanwhile, the S&P500 opens on a marginally positive note as the market mood is still upbeat. Investors hope that the impact of the Israel-Hamas conflict will be limited if other Middle East nations don’t intervene. Silver technical analysis Silver price struggles to extend upside above the horizontal resistance plotted from August 15 low at $22.23 on a two-hour scale. Earlier, the white metal delivered a strong rally after a breakout of the Symmetrical Triangle chart pattern.
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