Silver Prices Tumble Amid Fed's Hawkish Stance and Strong Dollar

Silver prices fell by 2.82% to $65.15 on Thursday, as the Federal Reserve maintained its hawkish stance and signaled further rate hikes ahead.

The price of silver currently sits below its key short-term moving averages but remains slightly stronger compared to medium-term averages.

However, the metal's demand is being restricted by the strong dollar and tighter monetary conditions, which are limiting its upside potential.

The probability of a decline in silver prices breaking the lower boundary stands at 67%, according to technical analysis.

Silver traders will be closely watching the price action around $65.32 resistance level, as a breach above or below this level could trigger additional selling or buying pressure.