Silver's price stayed firm at around $26.64 after the Fed decided to hold rates unchanged and Powell’s press conference. Fed Chair Jerome Powell said they would remain data-dependent, decide meeting by meeting, and won’t cut rates until they’re confident that inflation is trending towards its 2% goal.
The grey metal dipped below the 61.8% Fibonacci retracement at $26.41, hitting a two-week low of $26.27 before resuming its uptrend. Although Silver reached a daily high of $26.96, buyers lacked the strength to break above the $27.00 figure, which paved the way to retreat to current price levels.
The XAG/USD is upward biased despite going through a pullback that sent prices from around $29.79 to $26.27. For sellers to shift the bias to bearish, they would need to push the spot price below the May 5 high at $26.13, which would pave the way toward $26.00 and below.
On the flip side, and the most likely scenario, if XAG/USD achieves a daily close at around the current level, a ‘bullish harami’ and a two-candle chart pattern will form. This usually would be bullish for the asset, but buyers must crack the April 30 high at $27.14, before resuming its uptrend
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