Silver Price Drops Toward $55 as Fed Decision Looms on July 29

According to Reuters, silver trading remained under pressure Tuesday, with XAG/USD trading near $57.43 as a firm U.S. dollar and uncertainty over the Federal Reserve's next move kept buyers cautious. An earlier 2% decline saw the metal touch $57.23 per ounce.

Technical analysis points to weakening momentum, with the relative strength index near 42, below neutral levels. Support near $55 could attract buyers, but a break below that level would open the way toward the low-$50 range. The Fed will announce its policy decision Wednesday, July 29, at 2 p.m. EDT, with markets currently pricing in a 62% probability of unchanged rates and a 38% chance of a rate increase—a move that could push silver toward $55.