Silver Futures Index $SILVER (SILVER)

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Silver Hesitates Ahead of Fed
By: Christopher Lewis | March 20, 2024

• Silver has been very choppy over the last several sessions and Wednesday would have been more of the same.

Silver Markets Technical Analysis

The silver market has drifted slightly lower ahead of the Federal Reserve during the trading session here on Wednesday. That being said, this is a situation where I think a lot of traders will continue to look at it through the prism of whether or not we are finding value. I think at this point, it’s a bit difficult to get overly excited about buying silver. At least we have to get the Federal Reserve meeting out of the way. There are a couple of levels that I’m paying attention to, one of which is $23.50, and another is $24.50. These are both areas that I would be interested in buying silver on some type of knee-jerk reaction.

And I think at this point in time, the overall target is probably $26. This is a market that has been extraordinarily choppy until recently, which normally, that’s exactly what it does, it just chops around. So I would anticipate maybe a little bit of a pullback that I can take advantage of sooner or later during the session.

If we don’t get it, then it becomes a little bit trickier as we are most certainly extended. The markets recently have seen the indicators, the moving averages, try to form a more bullish stance as we have had the Golden Cross happen several days ago.

That typically attracts longer term money, but at the same time it can be said that it is quite often late. Interest rates markets will of course have their say. If interest rates start to drop again, that would be very bullish for silver, but quite frankly I think you have to find value.

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