Silver prices were trading in a tight range for most of today’s session as traders awaited the release of the FOMC minutes scheduled for later today. When writing, the silver price was headed lower a few hours ahead of the FOMC minutes scheduled for 18:00 GMT.
Investors were also looking forward to Fed Chairman Jerome Powell’s speech, scheduled for Friday morning. Many investors and traders are looking forward to Powell shedding light on the Fed’s rate hike path, as most people expect a rate cut at the upcoming FOMC meeting in September.
Silver prices have risen since bottoming out at $26.48 on August 08, 2024, amid a buying frenzy driven by bullish sentiment towards the metal. Silver prices were trading below the crucial $29.50 level after failing to break above the critical $30.00 resistance level yesterday, leading to a pullback.
The decline in silver prices suggests that the upcoming FOMC minutes could lead to further declines as investors rotate out of the metal. However, nothing is set in stone now since we could see silver prices reverse course and head higher. Therefore, investors should watch silver closely for the rest of the day and week as the Fed prepares to start cutting rates.
This post was last modified on Aug 21, 2024, 15:23 BST 15:23