Silver Gains Slightly, Market Awaits Fed Minutes
Silver prices moved above $37 per ounce in Wednesday's trading, stabilizing after early-week volatility. Spot data showed XAG/USD hovering above $37, with small variations among price providers, as is common in the real-time precious metals market. This subdued movement follows the previous decline and ahead of the release of the US central bank's key policy document.
Market participants' focus is on the FOMC minutes, released tonight (WIB). The July document is expected to reveal internal debate on the direction of easing ahead of the September meeting, after two governors—Christopher Waller and Michelle Bowman—voted support for a 25-bps cut at the last meeting. The minutes have the potential to move the US dollar and US Treasury yields, two variables that typically influence silver most in the very short term.
Technically, silver remains range-bound, with initial resistance at $37.67–$38.20 and support at $36.75–$36.65. The next direction is likely to be determined by the reaction of the dollar and bonds after the minutes: a more dovish tone tends to support silver, while a hawkish tone risks pushing prices back towards support areas. In the near term, traders will be paying attention to these levels while monitoring policy news and global risk sentiment.
Source: Newsmaker.id
