Silver advanced 0.20%, after Powell's hawkish comments. Technicals: Uptrend within descending channel, potential 'double bottom' pattern. Resistance levels: $29.50, $30.84 , $32.29 , $32.51 . Support points: $29.00, $28.57 , $27.59 . The grey metal advanced as Fed Chair Jerome Powell delivered hawkish remarks in an ECB event in Portugal, where he acknowledged that the Fed’s dual mandate risks are more balanced.
Conversely, if XAG/USD falls below $29.00, the next support level would be the June 26 low of $28.57. Clearing this level could lead to a drop to the April 15 swing low of $27.59. XAG/USD Price Action – Daily Chart Economic Indicator Fed Interest Rate Decision The Federal Reserve deliberates on monetary policy and makes a decision on interest rates at eight pre-scheduled meetings per year. It has two mandates: to keep inflation at 2%, and to maintain full employment.