Silver prices stabilized during Wednesday’s trading session, as they await further positive momentum to regain their upward trend in the near term, while trading above the key level of $70.00 per ounce.

Scenario 1:

Silver is currently trading above the daily pivot point at $69.35, if it manages to stay above this level, prices could be pushed toward testing the next resistance levels at $71.44 then $72.70.

Scenario 2:

If silver prices fall below the daily pivot point of $69.35, they may test the first support level at $68.30. It should be noted that if the price remains below this level, the white metal could face further downward pressure, heading toward the second support level at $67.26.

Top News:

Market participants are closely awaiting the release of the Federal Reserve’s interest rate decision later today, as well as the latest U.S. retail sales data, both of which are expected to provide important insights into the strength of the American economy and the future path of monetary policy.

Investors will be watching not only the Fed’s decision but also any signals from Chairman Kevin Warsh regarding the timing of potential rate adjustments in the coming months.

Meanwhile, the retail sales report will offer a key measure of consumer spending, a major driver of U.S. economic growth. The outcomes of these releases could significantly influence movements across currency, equity, bond, and commodity markets.