Silver experienced a sharp pullback in early trading on Wednesday, as the SMA 9 showed weakness where the price moves beneath it on the 4-hour chart.

Scenario 1:

Silver is meanwhile testing the first support level at $32.70. If price stays below this level, it may continue to fall, heading toward the next support levels at $32.15 on the short-term.

Scenario 2:

If silver maintains its position above $32.70, there is a possibility of a move back toward the daily pivot at $33.00. It is important to note that a close above the aforesaid pivot point could signal a shift in momentum, potentially triggering an upward movement that targets resistance at $33.50 then $33.80.

Top News:

Investors will be closely watching the Federal Reserve’s interest rate decision, which will be followed by Fed Chair Jerome Powell’s press conference. Analysts predict U.S. policymakers will keep rates unchanged at 4.5%, but Powell may hint that more data is needed before deciding on the U.S. central bank’s next move.