Silver Price Forecast: XAG/USD Falls Near $58.70 Ahead of US Inflation Data Silver (XAG/USD) fell around 0.65% to $58.70 on Wednesday as recovering oil prices and Middle East tensions raised inflation concerns. Higher oil prices could encourage central banks to maintain a tighter monetary policy, reducing the appeal of non-yielding assets like silver. Investors are now focused on the US September CPI report for clues about the Federal Reserve’s next interest rate decision. US Inflation Data in Focus Danske Bank expects US inflation to rise modestly in September, mainly due to higher energy prices. However, recent Fed comments suggest little urgency to raise interest rates again. A stronger-than-expected inflation reading could change that outlook. Silver Technical Analysis Silver is trading below its 20-day EMA at $61.45, keeping the short-term outlook bearish. The RSI stands at 37.49, indicating continued selling pressure. Key levels to watch: - Resistance: $61.45 - Current price: Around $58.70 - Market bias: Bearish while price remains below the 20-day EMA A sustained move above $61.45 could support a recovery, while further weakness may attract buyers if silver approaches oversold conditions.