Silver price at the close of the session on July 29: Slight increase, holding its breath waiting for a decision from the Fed

Domestic silver prices

World silver price

As of 5:15 PM, world silver prices were listed at 57.55 USD/ounce, up 0.4 USD/ounce compared to the previous day.

Silver price forecast

Silver prices are recording a slight recovery after a sharp decline, in the context that investors are still cautiously waiting for interest rate decisions and policy messages from the US Federal Reserve (Fed).

The diễn biến of gold shows that bottom-fishing buying power has appeared around important psychological support areas. This is also a factor that can support silver because the two precious metals are often similarly affected by interest rates, the USD, bond yields and shelter demand.

The market is currently leaning towards the possibility of the Fed keeping interest rates unchanged. However, the risk of monetary policy continuing to be maintained in a tightening direction makes the recovery momentum of silver not really solid. Precious metals do not bring yields, so they are often disadvantaged when interest rates are high or investors expect the Fed to raise interest rates in subsequent meetings.

In the short term, the Fed Chairman's statement after the meeting could create strong fluctuations. If the message is tough, the USD and bond yields are likely to increase, thereby putting pressure on silver prices. Conversely, softer signals, especially those indicating that inflation is cooling down or monetary policy may be adjusted, will create conditions for silver to continue to recover.

Technically, silver is still trading below the 60 USD/ounce zone, showing that selling pressure has not been completely relieved. The 58.70 USD/ounce zone is considered a near resistance level. If it exceeds this level, the price may head towards 59.44 USD/ounce and further to 60.83 USD/ounce. In the opposite direction, the 56.55 USD/ounce zone plays an important supporting role; if it is penetrated, the price may fall back to 55.21-54.80 USD/ounce.

In addition to monetary policy, tensions in the Middle East and the risk of disruption of energy transport routes are still factors supporting safe-haven demand. However, the silver outlook in the next few sessions is forecast to continue to fluctuate strongly and is heavily dependent on the Fed's message, the diễn biến of the USD and upcoming US GDP and inflation data.