SILVER Price Cautious Ahead of US Inflation Data. Uptrend Setup

The price of silver, represented by XAG/USD, has been indicative of the cautious market sentiment among traders in anticipation of the highly significant US inflation data, specifically the Consumer Price Index (CPI) for the month of April. As the early European session on Wednesday commences, the bright metal's price moves within a symmetrical triangle comprising various levels that have been marked since Monday. Currently, the price oscillates around $25.60-50.

From a technical analysis standpoint, the outlook for silver suggests an uptrend scenario. Accordingly, our idea centers around a new bullish impulse that will drive the price higher towards the previous resistance level.