Silver at Critical Threshold: Testing the $60 Level

Silver prices rose on the first trading day of the week. A weaker dollar index, falling bond yields, and strong industrial demand pushed the precious metal close to the $60 level. Investors are focused on the Federal Reserve (Fed) meeting scheduled for July 29-30. According to analysts, if silver sustainably breaks above the $59.96 level, it could gain upward momentum. Surpassing this threshold could set targets of $61.38 and $62.91, respectively. Markets are closely watching the Fed's interest rate decision and monetary policy signals. Silver sees dual demand as both an investment vehicle and an industrial metal. Its use in sectors such as solar energy and electronics is among the factors supporting prices. A weaker dollar creates a favorable environment for dollar-denominated commodities like silver. From a technical perspective, the $60 level stands out as a psychological resistance. Breaking this level could lead to new record attempts in the short term. However, a cautious mood prevails in the markets ahead of the Fed meeting. This is not investment advice.