Silver Prices Hold Breath as Fed Decision Looms
Silver prices closed the July 29 session slightly higher, but investors remain cautious as they await the US Federal Reserve's interest rate decision and policy messages.
The market saw a slight recovery in silver prices after a sharp decline, with world silver prices listed at $57.55 per ounce, up 0.4% from the previous day.
The Fed's statement on monetary policy will likely create strong fluctuations in the short term, with investors watching for signals that could impact interest rates and the value of the US dollar and bonds.
Silver is still trading below the $60 per ounce zone, indicating that selling pressure has not been completely relieved, and technical analysts point to key resistance and support levels at $58.70 and $56.55 per ounce respectively.