Silver Technical Analysis: All eyes on the Fed's decision for the next direction

Impact of the Fed's Decision on Silver Prices

The silver market is closely watching the Fed's decision today. A more hawkish decision than expected could accelerate selling pressure on silver prices, while a dovish decision could provide further support. The key near-term support level is at 59.00.

Technical Analysis

On the daily chart, silver has continued its upward trajectory after breaking the previous all-time high near 54.46. However, there are concerns about potential overextension, increasing the risk of a selloff if the Fed takes a hawkish stance. The 4-hour chart indicates clear support at the 59.00 level, where buyers are expected to step in during a pullback, aiming for new highs. Conversely, sellers will look for a break below this level to push for further declines. The 1-hour chart reaffirms that buyers have a better risk-reward setup around the 59.00 support, while sellers should wait for a decisive break below the trendline.

Remaining Risks

Today's Fed decision poses risks that could significantly impact the silver market, especially around key levels like 61.00 and 55.00.