Silver dropped sharply and then rebounded to $63.385 on Sept 16, holding just above the daily support level at $63.29 after the Federal Reserve raised its target rate by 25 basis points to 3.75%-4.00%. Traders now watch whether the metal builds a durable low or slips toward the weekly support at $62.57.
Silver fell from $68.585 to $62.75 on the 15-minute chart, then rebounded but failed near $65. The metal has since settled at $63.385, just above the daily Buy 1 support level at $63.29.
Silver holds above daily support, stays under both means
Sustained trade below $63.29 would expose the weekly Buy 1 level at $62.57, while holding the level could start a move toward the daily mean. Silver trades below both the daily mean of $64.38 and the weekly mean of $65.77, keeping short-term structure under pressure.
A recovery through $64.38 would improve the immediate picture, and reclaiming $65.77 would offer stronger evidence that buyers have regained control. Above those levels sit daily Sell 1 at $66.01, daily Sell 2 at $67.10, and weekly Sell 1 near $68.40 — potential profit-taking and reassessment zones rather than automatic short entries. If $62.57 fails, the $62.75 low from today's decline could offer support on a retest.
Two cycle windows frame the next move
September 16-18 marks the immediate window for judging whether today's decline produces a durable low or another weak bounce. A second window falls on September 27-29, around the anniversary of the September 28 silver cycle anchor. These dates flag times to watch for a change in behavior; they do not predict its direction, and confirmation still depends on price action at the levels above.
Using $63.385 as a calculation anchor, approximate 45-degree levels sit at $61.41 below and $65.39 above, while approximate 90-degree levels sit at $59.47 and $67.43. The $65.39 projection sits below the weekly mean, and $67.43 sits close to daily Sell 2.
Fed's rate hike could weigh on silver
The Federal Reserve raised its target rate by 25 basis points to 3.75%-4.00% on Sept 16, citing elevated inflation alongside solid economic activity. Higher rates can weigh on silver through yields and the dollar, while persistent inflation can support its longer-term appeal. Today's price response will help show which force traders prioritize.
Source: Commodities Analysis & Opinion
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