Silver Prices Under Pressure from Fed Decision

The Federal Reserve's recent decision has put downward pressure on the silver price, potentially threatening its $63 support level. However, in the long term, demand for silver remains strong due to its role in the electrification of the economy and the fact that global production is not keeping pace with demand.

According to an expert, while they are more bearish than bullish on the short-term prospects for silver, a bounce in the market would not be surprising given that it has been stuck in a range between $63 and $68 over the past couple of weeks. The potential ceiling is seen at around $70, with $60 serving as a potential floor.