Silver prices (XAG/USD) are trading in a tight range below $31.00, awaiting the Federal Reserve’s (Fed) monetary policy decision. The Fed is widely expected to start reducing interest rates, with a high probability of a 50 basis points (bps) cut.

US Economic Data

The US Retail Sales data for August came in slightly better than expected, providing some support for the US Dollar (USD). However, the focus remains on the Fed’s monetary policy decision.

Silver Technical Analysis

Silver prices are consolidating near $31.00. A break above the September 16 high of $31.10 could signal a bullish trend. The 14-day Relative Strength Index (RSI) is rising, suggesting potential upside momentum.