Silver prices tumbled nearly 2% on Thursday, falling to $66.07 from intraday highs of $69.85, as the US dollar strengthened to fresh year-to-date peaks. The dollar’s surge follows the Federal Reserve’s hawkish stance, with approximately half of board members now backing interest rate increases in 2026. The precious metal is trading below its critical 200-day simple moving average, a technically bearish signal that suggests further downside momentum may be building.
Traders should monitor the $61.50 level as the next potential support target if selling pressure continues. The Fed’s hawkish pivot is bolstering the greenback across markets, creating headwinds for dollar-denominated commodities like silver. Brokers report increased volatility in precious metals markets as investors recalibrate positions based on the shifting monetary policy outlook.
FXnCO Insight
Silver traders should watch for a break below $66 support, which could accelerate losses toward $61.50, while any dollar weakness may provide temporary relief for long positions.
Source: FXStreet