Fed Decision Looms Large for Gold and Silver Traders

The Federal Reserve's upcoming policy decision has left gold and silver traders in a state of uncertainty. Both precious metals continue to consolidate above major historical support zones, with gold holding above a decade-long trendline dating back to 2016.

Silver, on the other hand, is facing a multi-decade support zone originating from the 1980 highs. Investors are left wondering whether this is a buying opportunity or if they should wait for greater clarity before re-entering the market.

The Federal Reserve's decision will be crucial in determining the direction of gold and silver prices. Market expectations suggest a 70% probability that the Fed leaves interest rates unchanged, while nearly a 30% probability of a 25-basis-point rate hike is also expected.