Spot silver (XAG/USD) saw a surge followed by a pullback on Thursday. While it initially rebounded during the Asian trading session, it turned downwards upon entering the European market. It is currently trading around $57.80 per ounce, having reached a high of $58.65 during the session. The short-term pressure on silver mainly stems from the rapid rise in US Treasury yields. Increased market expectations of further tightening by the Federal Reserve have pushed up US Treasury yields and reduced the attractiveness of holding non-yielding assets. Market analysts believe that changes in bond yields primarily reflect adjustments in interest rate expectations. If investors believe that inflationary pressures will force the Federal Reserve to raise interest rates, yields may rise further, putting pressure on precious metals such as silver and gold. Currently, the yield on the 10-year US Treasury note has risen by about 1.8%, approaching a recent high of 4.71%. The continued rise in yields indicates that the market is more cautious about the future real interest rate environment, thus increasing the cost of investing in precious metals. Meanwhile, the US dollar index has recovered after a rapid decline following Wednesday's Fed decision, currently rebounding to around 101.00. A stronger dollar typically puts downward pressure on silver, as dollar-denominated precious metals become more expensive for non-dollar investors, thus weakening market demand. The dollar's rebound is mainly influenced by changes in expectations regarding Fed policy. In its latest meeting, the Fed maintained the target range for the federal funds rate at 3.50%-3.75%, but the policy statement and Fed Chairman Kevin Warsh's remarks indicate that policymakers remain highly concerned about inflation risks. The market believes that the Fed has not fully signaled easing, but rather emphasized the need to ensure that inflation continues to fall back to the 2% policy target. This stance is prompting investors to reassess the future path of interest rates. Market instruments indicate that investors currently expect a near 75% probability of the Federal Reserve raising interest rates at least once before its October meeting. If expectations of further rate hikes continue to rise, the US dollar and US Treasury yields may climb further, putting pressure on silver prices. However, silver is still supported by several factors. As a precious metal, silver benefits from global safe-haven demand, and its industrial properties make it susceptible to changes in the manufacturing cycle. If global economic data remains stable, and demand from the new energy industry continues to grow, silver's medium- to long-term demand will remain resilient. The silver market is currently in a phase of policy expectation readjustment. Following the Fed's decision, the dollar weakened rapidly, driving a short-term rise in silver prices, but subsequent yield rebounds and a stronger dollar quickly mitigated these gains. Going forward, market focus will be on US economic data, inflation indicators, and speeches by Fed officials. If inflationary pressures persist and the Fed extends its high-interest-rate policy, silver may continue to face pressure; if the economy shows signs of cooling and the market re-bets on a policy shift, silver may have a chance to rebound. From a daily chart perspective, spot silver quickly retreated after touching $58.65, currently trading around $57.80, indicating increased profit-taking pressure on short-term bulls. The overall trend remains in a high-level consolidation phase, with resistance levels at $58.50 and $60.00. A break above the $60 level could lead to a further test of the $62 area. On the downside, the $57.00 area is a key short-term support; a break below this area could lead to a further pullback to around $55.50. Current market momentum is influenced by the US dollar and yields, with a short-term bias towards consolidation. Looking at the 4-hour chart, silver prices have formed a pullback structure after a surge, indicating a significant weakening of short-term upward momentum. Technical indicators show that the price is testing a key support area. If it can hold above $57 and break through the $58 resistance level again, there is still a chance for a short-term rebound; a break below $57 could open up further downside potential, targeting the $56 area. Subsequent price movements will be closely watched in terms of the US dollar index, US Treasury yields, and changes in expectations for Fed rate hikes. Editor's Summary: Silver's current price movement is dominated by interest rate expectations and changes in the US dollar. Although the Federal Reserve kept interest rates unchanged, rising market expectations for future rate hikes have pushed up US Treasury yields, putting short-term pressure on silver. At the same time, the rebound in the US dollar index has further weakened the attractiveness of precious metals, causing silver to shift from an early morning rise to a correction. However, global safe-haven demand and silver's industrial properties continue to provide long-term support for prices. The key to silver's future price movement lies in the Federal Reserve's policy path. If inflationary pressures continue to push interest rates higher, silver may maintain a weak and volatile pattern; if economic data weakens and lowers expectations of rate hikes, silver may regain upward momentum. In the short term, the support level around $57 will be an important technical area of focus for the market.