Just been watching XAG/USD and honestly it's looking pretty rough right now. Silver's been stuck below that $74 level and I'm seeing a lot of traders just sitting on the sidelines waiting to see what the Fed does next. The dollar keeps staying strong which is basically the main thing dragging silver's price down at the moment.

What's interesting is how much the Fed interest rate decision is going to matter here. Like, if they come out hawkish, we could see silver drop even more. But if they hint at rate cuts later this year, that could flip things around pretty quick. The market's expecting them to hold steady, but it's all about the language they use in that statement.

From a technical angle, silver's price is showing some weak signals. Trading below both the 50 and 200-day moving averages, RSI near 40. Support sits at $73 and if that breaks, we're probably looking at $72. Resistance is around $74.50 then $75. The volume data suggests selling pressure is real right now.

One thing I noticed is the gold-to-silver ratio sitting near 85, which historically means silver looks cheap compared to gold. But that's not really helping when the broader market sentiment is so bearish. The options market is showing a lot of protective puts, so people are definitely hedging downside.

Long-term though, industrial demand for silver is still solid, especially with all the solar panel stuff happening. But short-term, it feels like everything hinges on what Powell says. China's economy looking shaky and the geopolitical stuff doesn't help either, but honestly US monetary policy is the real driver here.

I'm probably going to wait for the Fed announcement before making any moves. Silver's price could swing either way pretty violently once they announce. Patience seems like the smart play right now. If you're looking at this, watch that $73 support level closely and see how the dollar reacts to whatever the Fed does.