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On Wednesday, silver (XAG/USD) continued its corrective decline, falling below $60 per ounce. Current prices have not been seen since December 2025.
The "white metal" remains under significant pressure as expectations of U.S. monetary policy tightening continue to support the dollar.
The latest drop in silver prices occurs amid a sharp shift in market expectations regarding interest rates. The recent Federal Reserve meeting demonstrated a clear hawkish stance, prompting speculation about further increases in borrowing costs in the coming months. According to CME FedWatch data, investors now price in a high probability of rate hikes by the end of the year.
This development continues to support the U.S. dollar; its strengthening puts pressure on precious metals denominated in American currency. A strong dollar makes silver less accessible for foreign buyers, while high interest rates decrease the attractiveness of non-yielding assets, such as silver.
Additionally, the yield on U.S. Treasury bonds has increased as investors adjust their expectations amid current inflation risks. Concerns about high energy prices and the resilience of the U.S. economy have led to reduced expectations for an imminent start to a policy easing cycle.
Market participants are now shifting their attention to the PCE price index, with its release scheduled for Thursday. If inflation figures come in above expectations, this could reinforce expectations of further monetary policy tightening and increase pressure on silver. Conversely, if the inflation data is softer, this may provide some support for the precious metals market and help stabilize prices after the recent sell-off.
From a technical perspective, recent failed attempts to overcome the 200-day EMA and SMA favor the bears. Additionally, oscillators are negative, further confirming the bears' advantage in the market. However, the Relative Strength Index (RSI) has entered the oversold territory, indicating a possible correction or bearish consolidation. For bulls to alleviate the pressure, they need to attempt to overcome these important moving averages again.
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