Fed Hawks Send Silver Prices Plummeting

Silver prices have taken a hit this week, plummeting by over 3.67% on Wednesday as investors become increasingly confident in the Federal Reserve's hawkish stance.

The Fed officials' comments supporting last week's rate hike and hinting at further tightening have sent shockwaves through the market, causing XAG/USD to fall to $64.59 from a high of $67.52.

Ahead of this decline, Silver had formed a 'head and shoulders' chart pattern, which was later negated, indicating that the price may consolidate in the short term within the range of $63.45-$67.50.

If XAG/USD breaks below the first support at $64.00, it could expose the 50-day Simple Moving Average (SMA) at $63.45 and the September 16 low of $62.30.