Commodities

Silver Price Prediction As Markets Await FOMC Minutes

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Written By: Abdullah Sarwar
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    Summary:
  • Silver price is showing weakness ahead of the release of the FOMC minutes. However, the outlook on the XAG/USD pair remains bullish.

Silver (XAG/USD) price is showing a weakness this week. The sell-off that started at the end of last week continued on Monday as the prices of the precious metals showed a correction on Monday.

At press time, Silver was down 1.11% as the focus of the market participants shifted to the upcoming release of the minutes of the previous FOMC meeting. Analysts use these minutes to hint at the monetary policy’s next direction.

Another factor behind the ongoing pullback in the Silver price per ounce is the rally in equities which caused the NASDAQ 100 index to surge to a new yearly high on Monday. This shows that the risk appetite of the investors has significantly increased due to the falling bond yields.

Silver chart

At the moment, the XAG/USD pair is being supported by the 200-daily moving average, as shown in the chart above. However, the price is struggling to break back into the uptrend from which it broke down in September. This is the only sign of weakness as the outlook on the metals remains bullish.

In the meantime, you can also follow me on Twitter, where I will keep sharing my updated outlook on Silver along with my personal trades.

This post was last modified on Nov 20, 2023, 22:15 GMT 22:15

Written By: Abdullah Sarwar

Abdullah Sarwar is a blockchain analyst and a cryptocurrency investor with more than 5 years of experience. He specializes in providing crypto price projections based on their fundamentals and price charts. He is also a successful day trader. He graduated in 2015 with a degree in electronic engineering. In his free time, he loves listening to electronic music and playing with trading bots.

Published by
Written By: Abdullah Sarwar