The technical picture for silver remained unchanged in recent trading sessions as silver is stuck between the support at $25.85 and the resistance at the 50 EMA at $26.25.
Today, silver traders will likely wait for the Fed Interest Rate Decision before making any significant moves. Silver will likely be able to gain material momentum once it manages to get out of the current trading range.
The direction of this momentum will depend on the Fed and on the reaction of bond markets. If Treasury yields continue to move higher after Fed's commentary, silver will likely get below the support at $25.85 and quickly get towards the next support level at $25.55.
If Treasury yields pull back from recent highs, silver will have a chance to settle above the 50 EMA and get to the test of the next resistance at $26.70.
Today, silver traders will likely wait for the Fed Interest Rate Decision before making any significant moves. Silver will likely be able to gain material momentum once it manages to get out of the current trading range.
The direction of this momentum will depend on the Fed and on the reaction of bond markets. If Treasury yields continue to move higher after Fed's commentary, silver will likely get below the support at $25.85 and quickly get towards the next support level at $25.55.
If Treasury yields pull back from recent highs, silver will have a chance to settle above the 50 EMA and get to the test of the next resistance at $26.70.