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Silver trades sideways near $65.3 as traders await FOMC minutes
XAG/USD has moved between $63.5 and $66.8 over the past week, with support near the 20-day EMA around $62.5.
Silver prices in US dollars, measured by XAG/USD, were largely rangebound around $65.3 during European trading Tuesday, continuing a week of sideways action.
FXStreet said the metal has been stuck between $63.50 and $66.80 as pricing for hawkish Federal Reserve expectations was tempered by less anchored global inflation forecasts, even as disrupted energy supply has lifted inflation expectations.
Traders do not expect the Fed to raise rates at the September policy meeting due to weak US economic data for July, but higher oil prices linked to the non-renewal of the US-Iran ceasefire are raising concerns that central banks could move toward further tightening.
Looking ahead, FXStreet pointed to the upcoming FOMC minutes of the July meeting as the key catalyst for XAG/USD, noting that the pair holds above the 20-day EMA near $62.53 and that support sits around $63.50, while a breakout from the consolidation could open a move toward $70.0.
Latest closeSilver $64.83 ▼0.1%