Silver Prices Near Turning Point as Fed Rate Decision Looms

Analysts such as Brent Cook, M. Stephen Enders and Scott Melbye said demand for metals remains strong and expect silver, copper and uranium to perform well later in 2024, describing the current market as a "summer doldrums" but anticipating improvement as the year progresses.

A trader noted that the Federal Reserve’s upcoming rate decision could act as a catalyst. Expecting rates to stay unchanged and the Fed statement to be neutral or slightly dovish, the trader closed a short position on XAGUSD and opened a long, setting a stop‑loss at 54.80 and targeting $64.5 with further upside possible if the policy stance supports precious metals.