Silver Price Stalls at Key Resistance Ahead of Fed Rate Hike Decision

The price of silver has been steadily increasing, trading at $64.09 and showing a modest daily gain. However, it remains below its key medium- and long-term trend indicators.

Rising expectations for a Federal Reserve rate hike in September are impacting the price of silver, as investors weigh the opportunity cost of holding non-yielding instruments like Silver.

Silver found technical support near $63.00 after breaking below its 200-period moving average on the 4-hour chart, leading to a modest recovery.

The current market sentiment is mixed, with bearish technical momentum and resistance from the Ichimoku Kijun at $64.9 limiting any upside moves.