Precious metals are trading lower today with silver being top laggard. Price of silver drops over 1% today as USD strengthens all across the board. Precious metals may become more volatile in the evening when FOMC announces its monetary policy decision at 7:00 pm BST. Press conference of Chairman Powell at 7:30 pm BST may be an even greater mover for the markets.
Taking a look at SILVER at D1 interval, we can see that price pulls back after a failed attempt of breaking above the resistance zone ranging around $26.40 handle. A point to note is that recent price performance hints that an inverse head and shoulders pattern may be building up. The aforementioned $26.40 level looks to be a neckline. In case SILVER pulls back to the $25 area and recovers from there, the right shoulder would be painted. Potential target of this pattern can be found in the $29.00 area. On the other hand, one should keep in mind that if SILVER recovers from today's decline and breaks above the $26.40 zone, the inverse head and shoulders pattern would be invalidated.
Source: xStation5
US Open: Nasdaq, gold and silver surge following... an interest rate hike (17.09.2026)
Chart of the day 🔼 Gold rebounds 1.3% despite hawkish Fed stance (17.09.2026)
📊Daily Summary - Hawkish Fed raises rates and signals more. Dollar gains while gold falls
Hawkish move from the Fed! Warsh takes no prisoners in the fight against inflation. US500 at its lowest since August 3, and gold already below $4,300.