Silver Holds Steady Above $60.92 Support Amid Fed Rate Hike Uncertainty

Silver (XAG) is currently trading at $61.19, reflecting a slight downward bias after a modestly lower session. The metal remains above its short- and medium-term moving averages but still below longer-term trend levels, indicating a mixed technical outlook. The immediate support level is identified at $60.92, with a projected trading range of $60.66 to $61.73 over the next few sessions.

The reduced likelihood of a Federal Reserve rate hike has lowered the opportunity cost of holding non-yielding assets like silver, providing a supportive backdrop for the metal. This shift in monetary policy expectations has influenced investor demand and liquidity conditions without triggering a significant move in XAG/USD. The current market sentiment remains cautiously optimistic, with intraday momentum indicators showing a MACD Buy signal and Bull/Bear Power highlighting strong buyer dominance.

Technical analysis suggests that silver is likely to continue trading within its current range, with a 56% probability of a downward move in the next two to three days. The most probable scenario is sideways movement unless there is a sustained breakout above resistance or below support. The analysis is based on a proprietary model combining technical, on-chain, and expert data, though it does not constitute investment advice.