Silver price (XAG/USD) delivers a sharp rally above the crucial resistance of $31.00 in Thursday’s European session.
Silver price rallies above $31.00 in the aftermath of the Fed ’s policy announcement. The Fed cut interest rates by 50 bps to 4.75%-5.00%. Fed ’s bumper interest rate cut signals that inflation is on track to return to the bank’s target of 2%. Silver price delivers a sharp rally above the crucial resistance of $31.00 in Thursday’s European session. The white metal strengthens as the US Dollar surrenders its early gains and declines.
It has been historically used as a store of value and a medium of exchange. Although less popular than Gold, traders may turn to Silver to diversify their investment portfolio, for its intrinsic value or as a potential hedge during high-inflation periods. Investors can buy physical Silver, in coins or in bars, or trade it through vehicles such as Exchange Traded Funds, which track its price on international markets.
XAGUSD Fed Supportresistance Dollarindex Silver
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