Silver came under renewed selling pressure yesterday as oil prices climbed to fresh weekly highs. Meanwhile, the Middle East situation remains largely unchanged, with Houthi attacks on Saudi Arabia continuing and US-Iran negotiations still at an impasse.This backdrop is likely to keep a lid on silver’s upside unless the Fed adopts a more dovish stance, leading to a decline in real yields and US dollar.Looking ahead, US-Iran negotiations will remain in focus, but tomorrow’s US CPI report could also be a major catalyst in case the data deviates from expectations.A higher than expected core CPI could increase the chances of a Fed rate hike in October, putting further pressure on silver prices. Conversely, a soft report could provide some short-term support for the precious metal, although it wouldn’t change the bigger picture just yet. SILVER TECHNICAL ANALYSIS – DAILY TIMEFRAMEOn the daily chart, we can see that silver has been consolidating around the lows. We have a downward trendline that could act as resistance. If the price pulls back into the trendline, we can expect the sellers to lean on it, with a defined risk above it, to position for a drop into the 55.0 level. The buyers, on the other hand, will want to see the price breaking higher to increase the bullish bets into the 71.55 level next. SILVER TECHNICAL ANALYSIS – 4 HOUR TIMEFRAMEOn the 4 hour chart, we can see the price recently broke above the minor downward trendline that was defining the bearish momentum on this timeframe. This is a sign of a loss of momentum and could precede a bigger pullback. We have a strong resistance zone around the 62.00 level. If the price gets there, we can expect the sellers to step in, with a defined risk above the resistance, to position for a drop into the 55.00 level. The buyers, on the other hand, will want to see the price breaking higher to increase the bullish bets into the major downward trendline. SILVER TECHNICAL ANALYSIS – 1 HOUR TIMEFRAMEOn the 1 hour chart, if the price rallies into the resistance and make a new higher high, we could have a minor upward trendline defined by the dotted line. If the price then rejects the resistance and pulls back into the upward trendline, we can expect the buyers to lean on it, with a defined risk below it, to keep pushing into new highs. The sellers, on the other hand, will look for a break to increase the bearish bets into the 55.00 level next. The red lines define the average daily range for today.UPCOMING CATALYSTSTomorrow we have the US CPI report. On Thursday, we get the US PPI, the US Retail Sales and the latest US Jobless Claims figures. This article was written by Giuseppe Dellamotta at investinglive.com.