Technically, silver has cleared the first hurdle by reclaiming the 50-day average. The next inflection point is $33.25. A break above that would indicate stronger buying interest, targeting $33.70 next. If bullish momentum builds, the path opens up toward $34.59–$34.87. On the downside, failure to hold $32.80 would likely send silver toward $32.19, with $31.45 and $31.24 offering deeper support.
These levels, however, are only part of the picture. Traders are reluctant to chase breakouts without a clearer read on Fed policy, especially with CPI and rate expectations so tightly linked.
Dollar in Focus as CPI May Lack Tariff Punch
Headline inflation is expected to come in at 0.3% month-over-month and 2.3% year-over-year, with core CPI forecast at 0.2% and 2.8%. While tariffs enacted in April might eventually lift consumer prices, economists—including those at Barclays—expect minimal near-term impact. Exemptions and front-loaded shipments suggest that any inflation bump is more likely later in the year.
This means the April CPI may be less of a volatility event—unless it comes in unexpectedly hot or cold. A cooler print could pressure the dollar and support silver via lower real yields. Conversely, a strong number may reinforce Fed hawkishness, boost yields, and drag on metals.