Silver posted a notable decrease in early trading on Wednesday, noting that SMA 9 provides a bearish signal, as the price dips below it on the 4-hour chart.

Scenario 1:

Silver is presently trading near the first support level at $32.20. If the price remains below this level, further declines could be anticipated, where it may head towards the second support level at $31.90 on the short term.

Scenario 2:

If silver holds above the first support at $32.20, it could revisit the daily pivot point at $32.60. It is important to note that a close above the aforesaid pivot point could halt the bearish correction, driving prices upward to resistance levels $32.90 then $33.20.

Top News:

Investors will closely watch U.S. Core Personal Consumption Expenditures index, the Federal Reserve’s favorite inflation measure. Analysts expect the annual Core PCE inflation to drop from 2.8% to 2.5% in March. A higher-than-expected reading could prompt the Fed to hold interest rates in the near future.