Silver

Key insight

Silver is caught between two competing forces today: a -2.07% intraday reversal from yesterday's Iran peace-talk relief bounce and the most consequential FOMC decision in months (July 28–29), where any hawkish signal could accelerate the decline toward the $54–55 zone given the elevated gold-silver ratio of 69:1.

Silver has reversed sharply -2.07% today to $57.21, erasing yesterday's geopolitical relief rally as the FOMC decision looms and gold-silver ratio widens to 69:1 — price is now testing the critical $57.00 round-number support.

Main risk

FOMC July 28–29 rate decision — hawkish surprise or hike signal

A Fed rate hike or aggressive hawkish guidance would drive real yields higher and extend pressure on silver, risking a break below key $57.00 round-number support toward the $54.50 prior swing low.