Silver Price Slumps as Market Hesitates Ahead of Central Bank Decisions
The silver price has begun the new week with a subdued tone, oscillating within a narrow band above $64.00.
Market participants seem hesitant to place directional bets ahead of key central bank event risks, including the US Federal Reserve's rate decision on Wednesday, the Bank of England's meeting on Thursday, and the Bank of Japan's policy update on Friday.
From a technical perspective, silver holds below its 200-period Simple Moving Average (SMA) at $64.91 and the 38.2% Fibonacci retracement at $64.78, keeping the near-term tone bearish.
The Moving Average Convergence Divergence (MACD) indicator remains below zero with a slightly negative latest reading, while the Relative Strength Index (RSI) around 42 suggests waning momentum after the recent pullback.