Silver

Key insight

Silver is trading 50% below its January 2026 all-time high of ~$115 while the FOMC decision today could either reignite USD pressure (bearish for silver) or confirm a hold and trigger a relief rally back toward the $60–$62 resistance band.

Silver is consolidating at $57.57, caught between a USD near 4-week highs driven by a hawkish Fed repricing and dip-buying support off the $57.50 structural floor, with no clear directional resolution until today's FOMC statement.

Main risk

FOMC Rate Hike Surprise — July 29 Decision

Markets are pricing over a one-third probability of a Fed rate hike today, and an ~80% probability of a September hike — a confirmed hike or ultra-hawkish hold would spike the USD and pressure silver back below $56.