March Comex silver futures hit a record high of $62.14 an ounce, with a bullish breakout projected to reach around $70.00. The Fed is expected to cut interest rates by 0.25%, impacting silver prices. Rising bond yields are a concern, signaling the potential end of rate-cutting cycles from major central banks and affecting precious metals markets. Gold traders are closely watching silver for price direction, with a longer-term bullish outlook.

The FOMC meeting with a 90% chance of a rate cut may lead to a “buy the rumor, sell the fact” scenario, impacting silver and gold prices. Concerns about inflation and mixed U.S. economic data could influence a hawkish stance on monetary policy from the Fed. Rising global bond yields are affecting market sentiment, with uncertainty over future rate cuts from major central banks.

With silver prices extended, a consolidation phase may be imminent after a strong bull market run. The market is closely watching the Fed’s decision for potential price movement. Longer-term technicals support a bullish outlook for gold and silver, but short-term consolidation may be needed. Stay tuned for market developments.

Read more at Yahoo Finance: Will Silver Prices See a ‘Buy the Rumor, Sell the Fact’ Drop After the Fed Interest Rate Decision?