Key Takeaways:
- Silver markets continue to face downward pressure and struggle to rally.
- The upcoming FOMC statement, press conference, and interest rate decision are key factors to watch.
- The $26 level is crucial and could act as resistance, with the 50 day EMA providing potential support.
- The next 24 hours could be critical for silver, especially if interest rates in the US remain high.
Silver Markets Technical Analysis
Silver attempted a rally during Wednesday’s session but remains under significant downward pressure. With the upcoming FOMC statement, press conference, and interest rate decision, the market is currently best avoided. The crucial $26 level, previously a notable resistance, is approaching, along with the 50-day EMA potentially serving as technical support. However, if these levels are breached, the outlook for silver could turn bearish. Unlike gold, silver is not typically sought after for safety, making it susceptible to impact from sustained high interest rates in the US.