The Federal Reserve minutes, which were released on Wednesday, indicated that policymakers are cautiously confident that they can maintain current interest rate levels in 2020. At the same time, the minutes highlighted the significant risk posed by the coronavirus, stating that “the threat of the coronavirus, in addition to its human toll, had emerged as a new risk to the global growth outlook, which participants agreed warranted close watching.” Policymakers also said that the outbreak has dampened investor sentiment. This warning from the Fed underscores the threat that coronavirus poses to the global economy, which will likely put upward pressure on silver prices until the outbreak is contained.
Silver Technical Analysis
Silver has managed to put some distance between itself and the 18.00 level, which is providing immediate support. Below, the 50-day EMA is currently situated at 17.74, followed by support at 17.50. The 200-day EMA follows at 17.04, just above support at the round number of 17.00. On the upside, there is resistance at 18.60, followed by resistance at 19.20.