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\n Share:<\/span><\/p>\n Silver (XAG\/USD) extends its upside above the mid-$22.00s during the early European session on Monday. Traders will keep an eye on the US January Consumer Price Index<\/a> (CPI) on Tuesday for fresh impetus. If the CPI data confirms the declining inflation trend, it may support the case for rate cuts, which boosts the silver price. XAG\/USD currently trades around $22.80, gaining 0.82% on the day.<\/p>\n According to the four-hour chart<\/a>, the silver<\/a> price resumes its bullish trend as the metal is above the key 100-period Exponential Moving Averages (EMA). The upward momentum is supported by the Relative Strength Index (RSI), which lies above the 50 midlines. The momentum indicator indicates\u00a0that further upside looks favorable.<\/p>\n A bullish breakout above the upper boundary of Bollinger Band will see a rally to a psychological round mark and a high of January 25 at 23.00. Further north, the next hurdle is located near a high of February 2 at 23.25. The additional upside filter to watch is 23.53 (a high of January 12), followed by 24.09 (a high of January 2).\u00a0<\/p>\n On the downside, the 100-period EMA at 22.70 acts as an initial support level for the metal. A break below the latter will see a drop to a high of February 6 at 22.48. The next downside target is seen near the lower limit of the Bollinger Band at 22.10 and a low of January 22 at 21.92.<\/p>\n\n
Silver four-hour chart<\/strong><\/h2>\n