Silver Price Stuck Below $64 as Traders Await Fed Decision
The Silver price has stalled below $64.00 and is struggling to break above its 200-day Exponential Moving Average (EMA) at $64.13. The XAG/USD pair, priced in US dollars, has failed to capitalize on the previous day's modest gains and traders are now hesitant to make a move ahead of the highly anticipated Federal Reserve policy decision.
Traders expect a 25 basis points (bps) Fed rate hike and oil-driven inflation risks are supporting surging US bond yields. The safe-haven US Dollar (USD) is firm near a two-week top, capping the non-yielding XAG/USD pair.
The white metal's technical perspective remains mildly bearish below the 200-day EMA. Negative Moving Average Convergence Divergence (MACD) readings and a Relative Strength Index around 46 hint that momentum favors the downside unless the XAG/USD reclaims the 200-day EMA.