Silver’s Next Big Move? The FOMC Could Be the Catalyst

Silver is flashing a major bullish setup right as tomorrow’s FOMC meeting approaches. If history is any guide, we could be on the verge of another big rally.

Let’s break it down.

1️⃣ The Technical Setup: History Repeating?

Silver has already completed one full Elliott Wave cycle over the past year:

✅ A five-wave rally → Followed by an ABC correction
✅ A falling wedge formed during the correction
✅ Breakout led to a major move higher

Now, the same pattern is repeating. Silver has just completed another five-wave impulse, followed by an ABC correction, and is once again breaking out of a falling wedge—right as the 200-day EMA catches up.

If history repeats, this could be the launch point for the next big move higher.

2️⃣ The Macro Catalyst: FOMC & Powell’s Tone

The Fed won’t cut rates this time, but Powell’s tone will be everything. Here’s how it could impact silver:

📉 Dovish Powell → Silver Rockets Higher

• If Powell signals rate cuts are coming sooner than expected, the dollar weakens and silver breaks out hard.

😐 Neutral Powell → Silver Still Breaks Out

• Even if Powell stays cautious, technical momentum alone could drive silver higher.

📈 Hawkish Powell → Possible Dip, But Still Bullish

• If Powell pushes back on rate cuts, we could see a short-term dip, but the market still expects cuts later in 2024—meaning any pullback could be a final shakeout before silver’s next wave up.

3️⃣ Key Levels to Watch

🔹 $31+ Breakout Confirmation: A decisive close above this level confirms the next impulse wave.
🔹 200-day EMA (~$29.50) Support: Silver bouncing off this level strengthens the bullish case.
🔹 The Wedge Breakout: Silver is already pressing against resistance—FOMC could be the trigger for the breakout.

Bottom Line: A Perfect Storm for Silver’s Next Rally?

Silver has already broken out from this pattern once—and now it’s setting up for the same move again. With the FOMC as a catalyst, this could be the moment silver bulls have been waiting for.

📢 Keep an eye on Powell’s tone and price action above $31—the next big leg up may be right around the corner!

#Silver #FOMC #Powell #ElliottWave #Gold #Markets

Disclaimer:

I am not a financial adviser, and this newsletter is for informational and entertainment purposes only. All opinions expressed are my own and should not be considered financial advice. Investing in precious metals and other assets carries risk, and you should always conduct your own research or consult with a qualified financial professional before making any investment decisions. Past performance is not indicative of future results. Trade responsibly! 🚀