This week was volatile for silver, as the white metal was pulled around by conflicting Federal Reserve conversations about an upcoming rate hike. Some officials sounded hawkish and some sounded dovish, putting the market in an uncertain position. The price of gold responded to the speculation as well, but silver was especially reactive this week, jumping up and down in the range of $19.20 and $18.80 per ounce.
Silver broke through a downside barrier at $18.37, indicating a near-term downward slide. Silver received some support on Wednesday as the dollar fell, pushed down by losing bond yields.
Mixed economic news released later in the week continued to show silver in a tailspin, neither correcting up or down. The uncertainty in the Federal Reserve has been keeping silver prices in a middling range with no clear breakout moment. A new breakthrough price point could be $19.20 per ounce, and then it will be seen when or whether silver pushes through the roof again.