Silver is up over 5% today to hit new daily highs in the aftermath of the Fed's FOMC meeting conclusion. The FOMC statement was surprisingly dovish on U.S. monetary policy, which pushed the precious metals markets sharply up.
The FOMC statement said U.S. economic growth has moderated but inflation remains elevated. Most FOMC officials now see rate cuts coming in 2024. Silver's price is still negative on the monthly chart.
We are also down slightly on on the year chart.
With that, the silver bears have the slight overall near-term technical advantage. Prices are now trending down on the daily bar chart. Silver bulls' next upside price objective is closing prices above solid technical resistance at $24.50. The next downside price objective for the bears is closing prices below solid support at the October low of $21.17. First resistance is seen at $23.75 and then at $24.00.
Trade carefully in these volatile times.