Silver Prices Tumble as Fed Decision Looms, $60 Support Level in Focus

Silver prices are under pressure near $63 ahead of the Federal Reserve's interest rate decision. The surge in US Treasury yields and a strong US dollar have added further pressure, with silver falling toward $63 as investors assessed the risk of inflation from oil above $108.

The long-term outlook for silver remains bullish, but the short-term technical outlook is weak after the rejection at $72. The key support level for silver is $60, while the main resistance remains at $72.

According to the source, the Fed's guidance and the reaction of silver around $60 may determine the next major move in the market. This article presents the main market drivers, key technical levels, and possible price scenarios to understand the next move in silver.