Silver prices fell on Monday as we saw the dollar move higher, which weighed on the precious metal markets. Since silver is priced in dollars, a stronger greenback weighs on silver prices. News of a 50-basis point Fed rate hike underpins a stronger dollar and a bullish outlook which is bearish for silver. The Fed is expected to raise rates this week so we will have to see what the price action looks like.
Silver prices fell today but settled above the session lows which is about the only positive thing that happened. Technical support is seen near the February 2022 lows at approx. $22.00. While the technical resistance is seen near the 200-day moving average at $23.80. After the slaughter last week and today's action we are now in oversold territory, but I don't think the pain is over.