Forex
Silver Soars Above $58 as Dollar Weakness Sends Price Higher
Silver prices have returned above $58.00 as the US Dollar weakens, drawing support from investors ahead of the Federal Open Market Committee (FOMC) meeting.
The FOMC is expected to stand pat on rates, but futures markets are pricing a one-in-three chance of a quarter-point rate hike.
Investors have taken in stride the deterioration of the situation in the Middle East, with reports of Iranian attacks and US-Saudi counterattacks not yet impacting Silver prices.
The XAG/USD price is forming a triangle pattern, with technical analysis suggesting that support levels at $57.00 and $54.77 could hold if bulls fail to break through resistance at $59.28 and $60.60.