FUNDAMENTAL OVERVIEW Silver has been rallying steadily since last Tuesday on US-Iran deal hopes and found some further support from a softer than expected NFP report. The momentum looks to be running out of steam though and it will likely need support from the US CPI report today to extend the gains.The data will be critical for the September FOMC decision and Fed Chair Warsh’s speech at the Jackson Hole symposium. The focus will be on the Core CPI M/M measure which is expected at 0.2%. A hot report will likely trigger a selloff in the short-term, with traders increasing rate hike bets. A soft or even in-line report, on the other hand, should reduce further the risk of Fed tightening and give silver another boost. SILVER TECHNICAL ANALYSIS – DAILY TIMEFRAMEOn the daily chart, we can see that silver broke above the major downward trendline and the 63.20 swing high which is technically a positive signal for a reversal of the trend. The target for the buyers should be the 71.50 level now. If the price gets there, we can expect the sellers to step in with a defined risk above the level to position for a drop into new lows. The buyers, on the other hand, will want to see the price breaking higher to increase the bullish bets into the 89.40 level next. SILVER TECHNICAL ANALYSIS – 4 HOUR TIMEFRAMEOn the 4 hour chart, we have an upward trendline defining the bullish momentum. The buyers will likely continue to lean on the trendline with a defined risk below it to keep pushing into new highs. The sellers, on the other hand, will want to see the price breaking lower to pile in for a drop into the 60.00 handle next. SILVER TECHNICAL ANALYSIS – 1 HOUR TIMEFRAMEOn the 1 hour chart, there’s not much we can add here as the buyers will continue to have better risk to reward setups around the trendline, while the sellers will wait for a break to pile in for a correction into the 60.00 handle next. The red lines define the average daily range for today.UPCOMING CATALYSTSToday, we have the US CPI report. Tomorrow, we get the US PPI data and the latest US Jobless Claims figures. On Friday, we conclude the week with the US Retail Sales and the University of Michigan Consumer Sentiment report. This article was written by Giuseppe Dellamotta at investinglive.com.