Silver weakened on Thursday, extending losses in the previous session amid a stronger dollar. Also signals that the Federal Reserve will maintain its hawkish stance put pressure on precious metals. Yesterday's minutes showed that policy may have to move past a “neutral” stance and into “restrictive” territory depending on the evolving economic outlook and the risks to the outlook. As a result silver price returned below key support at $22.00 which is marked with previous price reactions. If current sentiment prevails, downward move may accelerate towards next support at $18.70 which coincides with 61.8% Fibonacci retracement of the upward wave launched in March 2020 and lower limit of the 1:1 structure. However if buyers manage to regain control and break above the aforementioned $22.00 level, then nearest resistance to watch lies at $23.00.
SILVER, D1 interval. Source: xStation5
