On Thursday, the silver market initially surged but appeared to lack momentum for a sustained rally. It is anticipated that the market will experience sideways trading in the near future. The upcoming Friday session’s focus will be on the PCE index numbers, a key indicator influencing inflation and consequently, the US dollar, which directly impacts silver prices. While the notion of silver rallying due to inflation or as a hedge in an investment portfolio holds merit, it’s essential to recognize its dual nature as an industrial metal, which can be vulnerable to economic downturns. The market is currently supported by the 50-day EMA, indicating potential stability. Breaking above $30.33 could lead to a further increase towards $31.50, with significant support at $28.50 in the short term. The market’s current sentiment suggests a preference for lateral movement as it awaits a catalyst. For a comprehensive overview of today’s economic events, refer to our economic calendar.