Silver prices hit a notable increase of 3.5% during Wednesday’s trading, heading towards consolidating its gains for the second consecutive session. This rise is due to the price stabilizing above the minor bearish trend line on the four-hour timeframe.

Scenario 1:

Silver is currently trading near the pivot point at $51.60, eyeing stability above to resume the rally towards the first daily resistance level at $53.00. It should be noted that if the price holds above the aforesaid level, it may rise towards the second resistance level of $54.00.

Scenario 2:

If silver fails to maintain its trading above the pivot point at $51.60, it could lose its luster and start a downward wave that could extend towards support levels at $50.43 and then $49.58.

Top News:

Today, markets are focused on the Federal Reserve meeting, where members of the Federal Open Market Committee (FOMC) will share their thoughts on last month’s interest rate cut. However, worries about a lack of new economic data have increased expectations that policymakers might leave borrowing costs unchanged next month.