Silver Tumbles Amid Rate Hike Fears

Silver prices declined by 2.64% on the day, trading at $65.62 after a drop from its current price of $64.46. The asset remains below key moving averages, including the MA-20 and MA-50.

Despite demand being supported by a weaker US Dollar, rate hike fears have dampened sentiment for non-yielding assets like silver. Uncertainty over possible Federal Reserve rate hikes has led to reduced appeal for these types of investments.

Momentum indicators offer a mixed picture, with both bullish and bearish signals present. The technical setup introduces heightened intraday risk due to diverging indicator signals, making a potential breakout above $66.69 or a move below $64.05 critical for determining the next directional move.