Silver Stalls Below $60 Ahead of Fed Decision

Silver prices have been struggling to break above $60, a psychologically significant level that has recently turned into resistance. This comes as the Federal Reserve prepares to announce its interest rate decision on Wednesday, which could bring increased volatility to the market.

According to the FedWatch tool, there is about a 40% chance of an interest rate hike, which would likely be met with disappointment from some market participants and contribute to higher volatility. The silver market has been under pressure recently, with its price holding at around $57.40 below its declining EMAs.

The death cross, which occurred two weeks ago when the 50-day EMA broke down below the 200-day EMA, is also weighing on the metal. Historically significant levels such as $55 and $50 are providing support, but it remains to be seen whether silver will pull back and retest these areas for support.

The market's downward pressure is still a very real thing, and traders would do well to keep a close eye on the upcoming Fed decision and its potential impact on the price of silver.