Silver Falls to $21.72 Prior to Release of Fed Minutes

Today, silver fell 0.8 percent, or $0.17, to trade at $21.72 an ounce, according to Reuters. Investors are taking a conservative approach to the metal ahead of this afternoon’s release of the US Federal Reserve’s January meeting minutes. They are expected to give some insight into the US economy’s current state and probable future.

“Based on the technical environment though the rally may not be over, because the short-term trend is still bullish and we are building higher lows … at times, it looks overbought but any retracement (down) looks healthy,” Bernard Sin, senior vice president of MKS, told Reuters of precious metals prices.