Silver

Key insight

Today's FOMC decision is the single most critical near-term catalyst: a rate hike or hawkish hold with September hike signalling would drive the USD higher and push XAG/USD toward the $54–55 demand zone, while any dovish surprise could trigger a violent short-covering rally back above $60.

Silver is breaking below the key $57.55 intraday support with a -2.26% session decline, pressured by a near four-week USD high and a >33% market-implied probability of a Fed rate hike at today's FOMC meeting.

Main risk

FOMC Rate Decision – July 28, 2026

Markets are pricing a >33% probability of a hike today and ~80% for September, keeping the dollar near a four-week high and suppressing non-yielding silver at current $57.10 levels.