Silver Price Forecast: Rebound Faces Fed Hike Risks Ahead of CPI
By Muhammad Umair | Updated: Oct 11, 2026
Key Points
- A strong US dollar continues to limit silver’s rebound.
- US CPI data could drive the next move in silver prices.
- A break above $65 would strengthen silver’s recovery.
Current Market Overview
As of October 21, 2026, silver (XAG) is priced at $57.4545, reflecting a decrease of 0.57%. The market analysis indicates that the silver prices rebounded recently, but the strength of the US dollar and ongoing inflation concerns are hindering a more robust recovery.
Technical Analysis
The technical indicators from the October 20 session suggest the following:
- Support Level (S1): $56.5735
- Pivot Level: $57.5905
- Resistance Level (R1): $58.7985
The analysis highlights that the weak performance of silver compared to gold warrants caution among investors. A correction in the US dollar, along with a clear break above the $65 mark in spot silver prices, would be necessary to bolster the recovery of silver.
Outlook
The upcoming US Consumer Price Index (CPI) report is anticipated to significantly influence market expectations regarding a potential rate hike by the Federal Reserve in December. This could, in turn, affect the US dollar, Treasury yields, and consequently, silver prices.