Silver Price Tumbles Over 3.67% as Fed Hawks Tighten Expectations

The price of Silver has plummeted over 3.67% to $64.59 on Wednesday, as investors bet on further tightening from the Federal Reserve.

This move comes after several Fed officials reinforced expectations of higher interest rates, citing last week's rate hike.

According to technical analysis, the Silver price has formed a 'head and shoulders' chart pattern, but it was later negated. As a result, the price is now poised to consolidate at around the $63.45-$67.50 range in the short term.

If the XAG/USD breaks below $64.00 support, it will expose the 50-day Simple Moving Average (SMA) at $63.45, followed by the September 16 low of $62.30 and other key support levels.