Silver prices (FXCM: XAG/USD) are little changed in relation to yesterday’s levels. Prices have been trading sideways since mid-February and this may help to explain the reason why prices are sluggish despite the short-term downtrend.

The short-term trend is bearish below the March 31 swing high of $15.56, as the March 31 level is lower than the prior swing high of $16.03 (formed on March 22). Short-term support levels relevant for the downward trend are last week’s low of $14.81, followed by the March 1 low of $14.75 and February 29 low of $14.64.

On a break to the March 31 swing high of $15.56, the short-term trend may end as prices cease in their creation of lower and lower highs. Resistance levels beyond the $15.56 high, are the March 21 low of 15.72, followed by the March 22 high of 16.03.

The only market moving events on deck today are U.S. Wholesale Inventories and Wholesale Trade Sales. The former is expected to decline by -0.2% MoM, while the latter is expected to gain by 0.2% according to a Bloomberg News survey.

At a panel discussion with the following former heads of the Fed: Greenspan, Bernanke, and Volcker, the current Chairwoman, Janet Yellen, stated that the U.S. economy is still on track to warrant further increases in the Fed’s Fund rate. She also said that weak global growth and the strong USD have been headwinds for the economy. Paul Volcker said not to worry too much about the current economy, while Ben Bernankehighlighted that recoveries don’t die of old age.

Silver traders would be advised to watch the Fed as changes in U.S. monetary policy affects the USD, which in turn affects the value of silver.