FOMC Guidance Looms as Silver Trades Sideways

Silver has been consolidating around key moving averages as investors await the Federal Open Market Committee's (FOMC) forward guidance. The precious metal is currently trading near its 50-day and 200-day Exponential Moving Averages (EMAs), with support at $60 and resistance at $70.

While the short-term picture appears uncertain, analysts believe that silver has a promising long-term outlook due to a significant production deficit and increasing demand. In fact, one analyst notes that 'there's a major deficit in production, and demand is only going to increase over time.'

The FOMC's forward guidance is expected to have a significant impact on the market, with investors waiting to see how it affects silver prices. For now, the metal remains stuck in a $10 range that it prefers to trade in.