• Silver price moves sideways as traders adopt a cautious stance before FOMC Minutes for July’s policy decision.
• The downside of the non-yielding Silver could be restrained as the Fed could reduce rates by 100 basis points in 2024.
• The safe-haven Silver may face challenges as the US "bridging proposal" could narrow the gaps between Israel and Hamas.

Silver price (XAG/USD) price consolidates around $29.50 per troy ounce during the European hours as traders assess the upcoming release of the FOMC Minutes on Wednesday. The Fed's Meeting Minutes for July’s policy decision could provide crucial insights into the Federal Reserve's (Fed) monetary policy direction. Furthermore, traders would likely shift their focus on the Fed Chair Jerome Powell's upcoming speech at Jackson Hole on Friday.

The downside risk for non-yielding Silver is expected to be limited, as the Federal Reserve is anticipated to deliver 100 basis points (bps) in rate cuts by the end of this year. However, there is division among market analysts on whether the Fed will implement a 25 or 50 bps cut at its September meeting.

CME FedWatch Tool suggests that the markets are now pricing in a nearly 67.5% odds of a 25 basis points (bps) Fed rate cut in its September meeting, down from 76% a day ago. The probability of a 50 basis points rate cut fell to 32.5% from 53.0% a week earlier.