Silver prices surge nearly 3%, buoyed by the Federal Reserve's decision to maintain current interest rates.
US Dollar Index declines, supporting silver's upward momentum as investors digest the Fed's dovish stance.
Technical indicators suggest potential for further gains, with XAG/USD traders targeting the $26.00 resistance level.
Downside risks include a retracement towards the $25.00 support, and below.
Silver prices climbed on Wednesday after the US central bank, the Federal Reserve, held rates unchanged, delivering a “dovish” hold. Consequently, US Treasury yields edged down, and the Greenback remained pressured, as shown by the US Dollar Index (DXY), down 0.37% at 103.44. Therefore, XAG/USD trades at $25.61, up close to 3%.
Edited 23 Mar 2024, 17:00
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