The major support spike low from September at the 21.35 level for spot silver held once again on Wednesday, which could set the stage for a rally near term. Resistance was at the 22.65 level and if this breaks we could see the upper end of the range towards the 200-dma tested in the coming weeks.
Silver and gold both have been underperforming, but with the DXY reacting lower following the FOMC decision yesterday, the risk is for a bounce near term.