Silver hit a notable decrease in today’s trading after facing a strong resistance level at $34.50. The SMA 9 indicator is providing negative signals as the price is moving below it on the 4-hour chart. Currently, the price is awaiting some positive momentum, aiming to resume its upward march in the short term.

Scenario 1:

Silver is meanwhile trading beneath the first support level at $33.75, looking to cling below it to target the key support level at $33.50. If silver manages to hold below the aforesaid key support level, it will drop towards $32.70.

Scenario 2:

If silver fails to hold above the first support level at $33.75, it may retest the daily pivot point at $34.00. It is worth noting that settling above the daily pivot point would invalidate the bearish scenario and trigger a bullish wave that targets $34.25, then $34.50.

Top News:

Investors are closely watching the release of several important economic data today, which could have a significant impact on short-term market trends. The main highlight will be the Federal Reserve’s interest rate decision at 8:00 PM GMT, noting that analysts predict U.S. policymakers will keep rates unchanged at 4.5%.