Silver is trading near $63.80 an ounce, down from the record highs reached earlier this year as a stronger U.S. dollar, elevated Treasury yields and rising oil prices weigh on precious metals.
Crude oil remains above $100 after attacks on Saudi Arabia’s energy infrastructure disrupted the East-West Pipeline, adding to inflation concerns ahead of the Federal Reserve decision.
Tensions involving the U.S., Iran and the Strait of Hormuz are also keeping energy markets unsettled, with Houthi activity near the Strait of Bab el-Mandeb adding to supply concerns.
Markets expect the Fed to raise rates by 25 basis points on Wednesday, making its guidance just as important as the hike itself. Against this backdrop, one trader who called the silver price at $24 is accumulating again.
What you'll learn 👉
Silver Price Tests the 0.618 Fibonacci Support
The trader known as The Long Investor says they bought silver around $24 in March 2024 and held through its rally toward $120. After reducing exposure following the parabolic advance, the trader says they have started accumulating again after silver completed an ABC correction into the 0.618 Fibonacci retracement.
SILVER we brought you Silver at $24 in March 2024, told you to buy as much as you can, we transferred our Cash into Silver
— The Long Investor (@TheLongInvest) September 15, 2026
And held for 18 months
The price then ran from $24 to $120 and this is a safe haven….beating the best Ai/Tech positions in the market.
We trimmed after… pic.twitter.com/Ouki6epg0G
We had a look at the silver chart, and the technical setup gives this call a clear reference point. The major rally began from the $18-$20 area and accelerated through 2024 and 2025, eventually taking the silver price toward $120. The subsequent decline has formed an ABC correction, with the chart placing the 0.618 Fibonacci level around $63.17, very close to the present $63.80 silver price.
That makes the current zone important for bulls. The chart also shows the 0.5 Fibonacci level around $67.70, which is the first major recovery target if silver can hold the $63 area. A move above $67.70 would improve the technical setup and open the door toward the upper part of the correction near $70-$75.
The risk is that the 0.618 level fails. A sustained break below roughly $63.17 would weaken the bullish correction thesis and could expose lower support zones. The broader chart still has major historical support around $29-$30 and $18-$20, but those levels are far below the current silver price and would only become relevant during a much deeper decline.
How the FOMC Could Move the Silver Price
The Federal Reserve decision is the immediate catalyst for silver. Markets widely expect a 25-basis-point rate increase, meaning the reaction in Treasury yields and the dollar could matter more than the hike itself. Higher yields generally pressure precious metals because investors have greater incentives to hold interest-bearing assets, increasing the opportunity cost of holding silver.
Oil above $100 creates an additional complication because persistent energy inflation can encourage central banks to keep monetary policy restrictive. DHF Capital CEO Bas Kooijman noted that Middle East tensions are keeping oil prices elevated and reinforcing expectations for restrictive monetary policy across major economies.
Silver does have a fundamental support source that gold lacks to the same degree: industrial demand. Chinese industrial output has been supported by equipment and high-tech manufacturing, and sustained strength in those sectors could support silver consumption. That could help limit downside if monetary policy pressure eases after the Fed decision.
Related Silver News: Here’s Why Gold And Silver Prices Are Crashing Right Now
Silver Price Outlook: Can Bulls Defend $63?
The $63.17-$63.80 zone is the key area for the silver price after the ABC correction. If buyers defend the 0.618 Fibonacci level, the first target is around $67.70, followed by the $70-$75 region.
A stronger recovery could eventually challenge higher resistance, but the Fed’s guidance and Treasury yields will determine how much room silver has to recover.
The bearish case begins with a clean break below $63.17. If that happens alongside a stronger dollar and higher yields, the silver price could face further selling before finding a durable base. For now, the setup is neutral-to-bullish above $63.17, with $67.70 acting as the first major level bulls need to reclaim.
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