Fed Decision Looms as Silver Teeters on Key Support Level

Silver prices remain under pressure near $63 ahead of the Federal Reserve's interest rate decision. The market is assessing the risk of inflation from oil prices above $108, which has added to the downward pressure on silver. A strong US dollar and rising US Treasury yields have also contributed to the decline in silver prices.

The technical outlook for silver remains weak after the rejection at $72. In this scenario, $60 is a key support level that could determine the next major move in silver prices. The long-term outlook for silver remains bullish as long as the $45-$50 support zone holds.