Silver Market Stalls at $70 Amid Fed Interest Rate Uncertainty

The silver market is experiencing volatility as it hovers around $70 per ounce. The price of silver is sensitive to interest rates and the value of the US dollar, which it is denominated in.

According to an expert, a speech from the Fed could have a significant impact on the markets. If the Fed sounds more hawkish than expected, it could lead to chaos in the market, affecting not only silver but the overall market as well. On the other hand, if the Fed sounds more dovish, historical correlation suggests that silver might finally break the $70 level.

Despite being bullish on silver long-term, an expert is hesitant to invest now due to uncertainty surrounding the market. A potential pullback towards the 200-day EMA could be a good opportunity for traders to get involved if a bounce occurs.