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Silver July 28, 2016 01:00:23 AM

Silver Steals The Gold Show Post-FOMC

Paul Ploumis
ScrapMonster Author
After its slight dip in initial reaction to the FOMC, silver managed to rally nearly 2% to a high of $20.215 an ounce on Wednesday afternoon.

Silver Steals The Gold Show Post-FOMC

(Kitco News) - Although gold saw a delayed reaction following the much-anticipated Fed statement, its sister – more volatile – metal was, well, a little more volatile. 

After its slight dip in initial reaction to the FOMC, silver managed to rally nearly 2% to a high of $20.215 an ounce on Wednesday afternoon as the Fed left interest rates unchanged.

Silver’s move was twice as large compared to gold's push, which saw prices swing 0.9% following the release of the central bank’s statement. Like silver, gold’s initial reaction was negative on the statement but managed to rally to a session high of $1,332.60 an ounce.

September silver futures last traded up $0.487 at $20.170 an ounce, while August gold last traded up $11.10 at $1,331.90.

According to Kitco’s senior technical analyst Jim Wyckoff, silver still has good footing. “The silver market bulls have the overall near-term technical advantage and regained some upside momentum today,” he said on his daily afternoon market recap report. 

“Silver bulls’ next upside price breakout objective is closing prices above solid technical resistance at the July high of $21.22 an ounce.”

Courtesy: Kitco News

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