The silver market has maintained its position near the $30.50 mark in the past day, awaiting the Federal Open Market Committee’s decision on interest rates by the Federal Reserve. Additionally, market participants are closely monitoring the post-announcement press conference for insights into the Fed’s future interest rate actions. Silver is not only a precious metal but also a key player in the industrial sector, leading us to consider the impact of industrial demand on its performance. In times of economic downturn, silver could face more significant challenges compared to gold due to a potential decline in industrial demand. It’s crucial to remember the high volatility of the silver market, emphasizing the importance of cautious position sizing to mitigate risks. Despite the market’s unforgiving nature towards aggressive trading, there may be an opportunity for a strategic purchase at lower price levels, specifically around the $30 mark and the 50-day Exponential Moving Average. Stay informed about today’s economic events by referring to our economic calendar.