The silver market saw an initial rally on Wednesday, hitting the 50-day Exponential Moving Average (EMA) which acted as a resistance point. Traders seemed inclined to take profits following this, particularly after the Consumer Price Index (CPI) data release showing a 0.3% increase month over month, beating the expected 0.2% rise and prompting some to flock to the dollar in the immediate aftermath. The market’s future direction remains uncertain in the coming days, but signs of an upward struggle are evident. Closing above the 50-day EMA would be a significant breakthrough, potentially paving the way for a push towards the $30 mark. Any rise beyond $30 could trigger a larger uptrend. Short-term declines currently appear well-supported around the $27.70 level and further reinforced near the 200-day EMA, which coincides with the 50% Fibonacci retracement level. The market is expected to remain turbulent, with buyers seemingly eager to enter whenever silver prices dip. For a comprehensive overview of today’s economic developments, refer to our economic calendar.