Silver prices are up today after spending a week trading sideways. The move appears to be spurred by stock markets continuing to give back this week’s gains.

The break to the February 16 high at $15.45 has turned the short-term trend bullish and the price may soon reach the February 12 high of $15.82. The trend should remain bullish as long as the price trades above $15.15. A break to this level of $15.15 may trigger a decline to the February 8 low at $14.91, which, in turn, may open up the door for a decline to the February 5 low at $14.67.


A Bloomberg News survey projects U.S. Consumer Price Index to rise 1.3% YoY from 0.7% in December. While it’s not the Fed’s preferred inflation measure, such a boost in CPI would be welcomed, as the Fed is looking to normalise rates. U.S. Core inflation is expected to remain unchanged at 2.1% YoY.

It would be fair to expect silver potentially struggling to maintain its bullish bias if the inflation prints stronger than expected, as the Dollar would gain on higher U.S. interest rates.

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Silver Prices | FXCM: XAG/USD

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Created with Marketscope/Trading Station II; prepared by Alejandro Zambrano

--- Written by Alejandro Zambrano, Market Analyst for

Contact and follow Alejandro on Twitter: @AlexFX00

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