Silver price (XAG/USD) steadies above its crucial support of $29.00 in Wednesday’s European session.
Silver price hovers above $29.00 ahead of eventful New York session. The US CPI data will be followed by the Fed ’s policy, which will provide cues about when the central bank will return to policy normalization. Fed ’s dot plot is expected to show fewer rate cuts than three forecasted in March. Silver price steadies above its crucial support of $29.00 in Wednesday’s European session.
The dot plot is expected to show fewer rate cuts this year from March’s forecast, given strong labor market conditions and weak confidence of officials on progress in the disinflation process. Silver technical analysis Silver price trades inside Thursday’s trading range, exhibiting indecisiveness among market participants. The asset trades close to the neckline of the Head and Shoulder chart pattern, which is marked from April 9 high at 1.0885 on a four-hour timeframe.
XAGUSD Fed Inflation Supportresistance Silver
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