Silver price (XAG/USD) extends its downside to near the crucial support of $29.00 in Tuesday’s European session.
Silver price remains under pressure near $29.00 with a focus on the US CPI and the Fed policy outcome. The Fed is expected to maintain interest rates steady with hawkish guidance. Investors see the Fed cutting interest rates only once this year. Silver price extends its downside to near the crucial support of $29.00 in Tuesday’s European session.
Meanwhile, the Fed’s decision is expected to remain status quo for the seventh time in a row as policymakers lack evidence that inflation is on course to return to the desired rate of 2%. Investors will focus on the Fed’s dot plot, which will indicate where policymakers see the federal fund rate heading. The CME FedWatch tool shows that 30-day Fed Fund Rate pricing data suggest only one rate-cut move this year.
XAGUSD Fed Inflation Supportresistance Silver
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