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\n Share:<\/span><\/p>\n Silver price (XAG\/USD) demonstrates a volatility<\/a> squeeze near the crucial support of $23.00, following the footprints of the subdued US Dollar. The white metal struggles to find a direction as investors turn baffled between rising hopes of the Federal Reserve\u2019s (Fed) soft landing and resilient US dollar due to deepening global uncertainties.<\/p>\n The S&P500 opens on a positive note as investors start digesting fears of global economic shakedown due to rising interest rates by central banks. The US Dollar Index<\/a> (DXY) turns sideways around 105.00 after a stalwart rally. More upside remains favored on hopes that the US economy is approaching to golden path.<\/p>\n Chicago Fed<\/a> Bank President Austan Goolsbee said the central bank is aiming to push the economy to a \u201cgolden path,\u201d meaning a situation where inflation recedes without triggering a recession. While strong wage growth is still a major concern for the Fed as higher disposable income could elevate inflationary pressures.<\/p>\n Meanwhile, investors await the US Consumer Price Index<\/a> (CPI) data for August, which will be published on Wednesday at 12:30. Investors will keenly watch core inflation data as it has remained extremely stubborn due to strong consumer spending momentum. \u00a0<\/p>\n Silver price consolidates below the 61.8% Fibonacci retracement (plotted from August 15 low at $22.23 to August 30 high at $25.00) at $23.30 on an hourly scale. The 50-period Exponential Moving Average (EMA) at $23.13 continues to act as a barricade for the Silver<\/a> price bulls.<\/p>\n The Relative Strength Index (RSI) (14) shifts into the 40.00-60.00 range from the bearish range of 20.00-40.00, which indicates that the bearish momentum has faded. While the bearish bias has not faded yet.<\/p>\n\n
Silver technical analysis<\/h2>\n
Silver hourly chart<\/h3>\n