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FollowingSilver fell below the support level of US$66, soaring oil prices and intensifying Fed policy concerns
On September 10, silver prices fell sharply to around US$65.27 per ounce, falling below the US$66 mark held by recent buying orders, putting new pressure on precious metals 'attempts to rebound.
Key support fell
The decline did not occur during a calm period, but in a turbulent macroeconomic background. Crude oil prices continue to remain above $100 a barrel, U.S. Treasury yields continue to climb, and investors are also growing doubts that the Federal Reserve may further tighten monetary policy.
Normally, this environment is conducive to supporting inflation-hedging assets, but in the current scenario, rising yields dominate, triggering interest rate shocks in the precious metals market.
After experiencing a reversal after sharp fluctuations in early 2026, silver showed some stability. However, technical analysis as of September 8 shows that the US$63 -66 range is a key short-to-medium-term support area. As the US$66 support broke through, market attention has shifted to the lower end of the range, especially given the significant support previously existed around US$62.54.
Bear momentum strengthens
At the beginning of the week, traders were closely watching whether silver could maintain support at $66, triggering the possibility of a rebound towards $70. The current downward trend has shifted attention to the risk of a further decline to US$63, and the technical support level of US$62.54 has become the next key level to focus on observation.
Market analysts have previously emphasized that $66 is an important line of defense for long traders as Treasury yields rise and the Fed's expectations change. The latest market developments suggest that bulls are losing ground in this critical area.
If the silver price can recover above US$66, it will alleviate the recent bearish pressure; but if it effectively falls below US$62.54, it may open up room for a wider correction in the silver market. At present, momentum seems to be biased towards sellers, with downside risks dominating the short-term outlook.
Oil prices and inflation dynamics
Brent crude oil continued to remain above US$100 per barrel this week. Concerns about supply disruptions have intensified due to tensions between the United States and Iran and frequent attacks on important shipping routes in the Middle East. Brent crude is trading close to $102, Reuters reported, and traders are assessing the risk of potential long-term disruptions.
Rising energy costs have exacerbated market fears that inflation will remain high. It is worth noting that high oil prices do not automatically benefit precious metals such as silver. Because rising energy costs will push up bond yields, the market expects the Federal Reserve to take a more stringent response. This increases the opportunity cost of holding non-interest-bearing assets.
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High oil prices and rising bond yields combine to put pressure on non-interest-bearing assets, continuing to affect silver's short-term outlook.
