Silver prices rose 1.5% during Wednesday’s trading session, erasing most of the previous session’s loss of 2.2%, and are on track to halt the downward trend that has lasted for two consecutive sessions.

Scenario 1:

Silver is currently trading near the daily pivot point at $58.54. If it manages to break above this level and sustain trading above, it could rise toward the next resistance levels at $60 then $61.44.

Scenario 2:

If silver prices fall below the daily pivot point at $58.54, they may test the first support level at $56.36. It should be noted that if the price remains below this level, it could put pressure on silver, pushing it toward the next support level at $54.78.

Top News:

Market participants are now turning their attention to the upcoming Federal Reserve Interest Rate Decision and the Federal Open Market Committee (FOMC) Press Conference, two closely watched events that could shape expectations for U.S. monetary policy in the months ahead.

Investors will be looking for signals on the future path of interest rates, inflation, and economic growth, while Federal Reserve Chair Jerome Powell’s remarks are expected to provide further insight into the central bank’s policy outlook. The announcements are likely to influence movements across global equity, currency, bond, and commodity markets.