Silver Price Volatility Ahead of FOMC Meeting

Silver prices have been volatile in recent days due to ongoing rate pressure. The US Federal Reserve's FOMC meeting looms large on traders' minds, with potential implications for inflation and interest rates. However, market sentiment has also been influenced by oil prices and the Iran pause.

Thursday's GDP and PCE data are set to be released at 12:30 GMT, which could provide crucial insights into the economy. A firm GDP number and high core PCE would likely reinforce rate pressure for the rest of the week, potentially stifling silver price gains.

On the other hand, a softer reading on either indicator could give Treasury buyers a reason to stay involved in the market, helping silver maintain its ground heading into Friday's close. The technical picture has improved with a successful test of support and a new minor bottom, but a failure to hold this level could send prices back toward the main bottom.