Listen to the latest market mood for the XAGUSD pair.

The market is likely to go into a tight trading range as we get closer to the FOMC meeting later tonight at 19:00 UK time.

The Federal Reserve is likely to reassure markets that it will be prepared to do whatever it takes to support the US economy, but the Fed is most likely to not make any significant changes tonight. However, if the Fed does make mention of either yield curve control or the possibility of negative interest rates then expect a fresh wave of dollar weakness.

If this situation occurs expect XAGUSD buyers on stop above the recent intraday trendline.

Time Horizon: Day trade outlook.
Trade Risks: If the Federal Reserve is less dovish than the market expected that could see some USD strength and invalidate this outlook.