Silver Price Forecast: XAG/USD rises further to near $76.30 ahead of FOMC minutes

💡 DMK Insight

Silver’s rally to near $76.30 is significant, especially with the FOMC minutes looming. Traders are likely positioning themselves ahead of the FOMC release, which could provide insights into future interest rate decisions. If the minutes hint at a more hawkish stance, we might see silver pull back as the dollar strengthens. Conversely, dovish signals could propel silver higher, potentially breaking through resistance levels. Keep an eye on the $76.50 mark; a close above that could trigger further buying interest. Also, watch for volatility spikes in related markets like gold and the dollar index, as they often react to FOMC news. But here’s the flip side: if the FOMC minutes reveal concerns about inflation or economic slowdown, silver could benefit as a safe haven. So, traders should monitor not just silver but also broader market sentiment leading up to the release. The immediate focus should be on how the market reacts post-release, especially in the next few hours after the announcement.