Silver prices rose 1.6% during Wednesday’s trading, heading higher for the second consecutive session. They are currently attempting to break above the key level of $65.00 per ounce.

Scenario 1:

Silver is currently trading above the daily pivot point of $63.83. If it manages to stay above this level, the rally could extend toward the next resistance levels at $65.52 then $66.50.

Scenario 2:

If silver prices fall below the daily pivot point of $63.83, they may test the first support level at $62.48. It should be noted that if the price remains below this level, it could put pressure on silver to move toward the next support level at $61.16.

Top News:

Markets are closely awaiting the release of the Federal Reserve’s Interest Rate Decision and the subsequent FOMC Press Conference, with investors looking for further clues about the central bank’s monetary policy outlook.

Particular attention will be paid to the Fed’s assessment of inflation, economic growth, and labor market conditions, as well as any guidance on the future path of interest rates. The decision and policymakers’ remarks could influence the U.S. dollar, Treasury yields, gold, and broader financial markets in the near term.