Silver Price Forecast: Will a Fed Hike Push Silver Below $60?
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Key Points:
- Silver remains under pressure near $63 ahead of the Fed rate decision.
- $60 is the key support, while $72 remains the main resistance.
- The long-term outlook remains bullish while the $45-$50 support zone holds.
Silver (XAG) fell toward $63 as investors prepared for the Federal Reserve’s interest rate decision and assessed the risk of inflation from oil above $108. The surge in US Treasury yields and a strong US dollar have added further pressure to silver prices. The technical outlook also remains weak after the rejection at $72. In my view, the guidance by the Fed and the reaction of silver around $60 may determine the next major move. This article presents the main market drivers, key technical levels and possible price scenarios to understand the next move in silver.