Silver Prices Rebound Ahead of Fed Decision

Silver prices rebounded on Wednesday to around $57.40 per ounce as investors awaited the Federal Reserve's rate decision, despite a firmer US dollar. The metal has been volatile since hitting an all-time high of $121.64 in January and has seen a steep selloff.

The Fed's decision will have a significant impact on silver prices, with a 68% chance of keeping rates steady and a 32% chance of raising them by 25 basis points. A rate hike would likely strengthen the dollar and make it more expensive to hold non-yielding assets like silver.

On the other hand, a dovish tone from the Fed could lead to lower rate expectations, causing the greenback to soften and potentially allowing silver to push through the $58 resistance level.