Silver prices continued their sharp decline, falling 0.3% during Wednesday’s trading to hover near a three-week low of $72.00 per ounce.

Scenario 1:

Silver is currently trading below the daily pivot point at $74.00, if it manages to hold below this level, the decline could extend to test support levels at $71.30 then $69.95.

Scenario 2:

If silver prices rise above the daily pivot point at $74.00, they may test the first resistance level at $75.73. It should be noted that if prices hold above this level, they could move toward the next resistance level at $76.90.

Top News:

Global markets are intently focused on today’s interest rate decision from the U.S. Federal Reserve, with widespread expectations that policymakers will leave rates unchanged as persistent inflationary pressures and ongoing geopolitical tensions continue to strain the global economy.

The decision carries added weight for investors, as it is widely viewed as the final rate announcement under the leadership of current Fed Chair Jerome Powell, potentially shaping market expectations for the period ahead.