Core Viewpoint - Silver prices have continued to rise for the fourth consecutive trading day, reaching their highest level since September 6, 2011, driven by a weaker dollar and declining U.S. Treasury yields ahead of the Federal Reserve's decision [1][2][3]. Group 1: Market Dynamics - The recent bullish momentum in silver is supported by a weaker dollar and lower U.S. Treasury yields, which have made silver more attractive to non-dollar holders and reduced the opportunity cost of holding non-yielding assets like silver [2][3]. - As of the latest report, silver is trading around $42.65, marking an increase of nearly 1% on the day [3]. Group 2: Technical Analysis - Technically, silver remains in a strong bullish trend, trading well above key moving averages, with the 21-day moving average at $39.96 and the 50-day moving average at $38.79 [5]. - The Relative Strength Index (RSI) is around 75, indicating an overbought condition, but this reflects ongoing demand, while the Average Directional Index (ADX) has risen to 31.98, confirming the strength of the upward trend [5]. - Immediate resistance levels are at the psychological mark of $43.00 and the peak of $43.40 since September 5, 2011. A sustained breakout above these levels could lead to a rise towards the high of $44.24 from August 24, 2011 [5]. - On the downside, initial support is seen at $41.50, followed by $40.50 and the $40.00 round number [5]. Group 3: Speculative Positions - Increased speculative positions have added weight to the bullish sentiment, with non-commercial speculators holding 72,450 long contracts compared to only 18,513 short contracts. In contrast, commercial participants hold a significant net short position of 113,565 contracts [5].