Silver Price Forecasts: XAG/USD resumes its uptrend, with bulls aiming for $67.17

Silver (XAG/USD) has resumed its upward trajectory, targeting a price of $67.17 following a brief dip to $64.20 on Tuesday. The precious metal remains on an optimistic trajectory from its early August lows, which were in the mid-$56.00 range. Trading bulls are looking towards the $67.15 resistance level ahead of the July US Consumer Price Index (CPI) report.

ING analysts suggest that the market is expecting a softer price story, with a probable 0.1% month-on-month read on core inflation potentially shifting expectations. If this occurs, the Fed's next move may be influenced differently. Technical analysis shows a strong bullish trend, with the Relative Strength Index (14) and MACD histogram both indicating positive pressure.

A break above the $67.17 level would open the path for the 200-day SMA and the mid-June peak, which could act as significant resistance. Conversely, attempts to move lower are likely to face testing at Tuesday's low of $64.23, and the resistance area between the July 6 high at $63.28 and the August 6 high at 62.92. The next target is around $60.81, near the July 6 and 22 highs.

Silver, a precious metal used as a store of value and exchange medium, is expected to follow similar trends to Gold in times of geopolitical instability or recession fears. However, its value is largely influenced by the US Dollar, with a strong Dollar suppressing Silver's price and a weaker Dollar boosting it.