Silver Pulls Back as Dollar Rebounds; Fed Decision in Focus
Silver prices retraced Monday’s early advance as the U.S. dollar bounced back from a bearish gap, keeping XAG/USD within its $55–$62 range ahead of the Federal Reserve decision.
Silver (XAG/USD) gave back a portion of its earlier gains on Monday, pressured by a rebound in the U.S. dollar. The greenback recovered after opening with a bearish gap, triggered by a temporary halt in hostilities between the U.S. and other nations. The reversal left silver trading within its recent $55–$62 range.
Market attention now turns to the upcoming Federal Reserve decision, which could be the catalyst for a breakout. Traders are weighing whether the central bank's policy stance will weaken or strengthen the dollar, thereby influencing silver's direction. The consolidation pattern highlights uncertainty ahead of the announcement.
Source: FXStreet Forex News