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Silver price (XAG/USD) refreshes weekly high near $23.20 as inflation in the United States softened at a higher pace in October. The white metal strengthens on hopes that the Federal Reserve (Fed) will not raise interest rates further.S&P500 futures added some gains in the Tokyo session, portraying a significant improvement in the risk appetite of the market participants. US equities were heavily bought on Tuesday as inflation eased more than expectations.The US Dollar Index (DXY) trades near a two-month low around 104.00 amid steady progress in inflation declining towards 2%. The headline inflation eased significantly in October as global oil prices fell sharply due to easing Middle East tensions.Silver technical analysisSilver price recovered strongly after discovering buying interest near 61.8% Fibo retracement (plotted from October 4 low around $20.70 to October 20 high at $23.70) at $21.86. The white metal trades above the 200-period Exponential Moving Average (EMA), which indicates that the near-term trend has turned bullish.The Relative Strength Index (RSI) (14) shifts into the bullish range of 60.00-80.00, which indicates that the bullish impulse has been triggered.Silver four-hour chartXAG/USD
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