Silver Stuck at $70 as Fed Speech Looms
The silver market has been experiencing some positive momentum in early trading on Wednesday. However, it's run into resistance at the $70 level, which is proving to be a significant barrier for buyers. If prices can break above this threshold, it could provide a boost to bullish sentiment and potentially lead to further gains.
The Federal Reserve's upcoming speech by Kevin Warsh, Chairman of the Federal Reserve, at Jackson Hole may have an impact on market sentiment. The PCE numbers were released as expected earlier in the session, but traders will be closely watching for any clues about the next policy move.
The 200-day EMA is currently near the $65 level, which could become a key support level if prices pull back from their current resistance at $70. This would suggest that buyers are still interested in owning silver, even at higher price levels.