XAG/USD Price surges on bullish market sentiment

• XAG/USD starts the week with a 5.24% intraday gain, touching a high of $21.61.
• Technical indicators, such as the RSI(14) and daily 20-SMA, suggest a potential bullish outlook for silver.
• US CPI ex Food and Energy data (Feb) is the critical economic event to be followed on Tuesday.

Daily price movements:

XAG/USD (Silver) opens the day at $20.54, with the precious metal experiencing an intraday gain of 5.24% to trade at $21.61 at the time of press. Silver hits an intraday high of $21.61, indicating a surge in bullish market sentiment.

Key economic events:

Markets will be monitoring Tuesday’s US Consumer Price Index ex Food & Energy (MoM)(Feb) data to understand better the possible Fed actions on the speed of rate hikes decisions which will affect the US Dollar’s strength.

Technical view:

Technical indicators suggest a potential bullish outlook for XAG/USD silver in the short term. The RSI(14) is currently at 52.93, indicating bullish momentum. The daily 20-SMA is $21.03, indicating that the current price may trend higher. Daily pivot resistance levels for Silver are $20.91, $21.30, and $21.81, while support levels stand at $20.02, $19.52, and $19.13. However, the daily 50-SMA is $22.40, indicating a long-term bearish trend.