Commodities
Silver Prices Weighed Down by Rising US Interest Rates Ahead of Fed Decision
The silver market has been drifting lower ahead of the Federal Reserve's interest rate decision on Wednesday. As interest rates in the US continue to rise, this is putting downward pressure on silver prices.
A key support level for silver is currently at $60, with another significant level at $55. If the Fed sounds hawkish during its press conference on Wednesday, it could lead to more downward pressure in the silver market.
On the other hand, if the Fed chooses to be dovish or doesn't raise rates at all, this could shock the market and potentially benefit silver, with the $70 level being a potential target as well as a major resistance barrier.