On Tuesday (October 27), spot silver rebounded after falling to a new low for the year at $52.66 during Asian trading hours. Continued diplomatic efforts and a slight easing of tensions in the Middle East, coupled with a decline in oil prices, provided some support for silver prices. Spot silver traded around $54.361 during the session, up 0.74% on the day. However, with only days left until the Fed's interest rate decision on Wednesday, a stronger dollar limited silver's upside. The dollar index (DXY), which measures the dollar against six major currencies, stood at 102.2489, nearing a two-week high. Strategists at Bank of New York's market department expect the Fed to keep interest rates unchanged at the October Federal Open Market Committee (FOMC) meeting, largely in line with current market expectations. Their research report stated, "We expect no rate hike at tomorrow's October FOMC meeting, and we prefer December for further policy tightening." They added, "Considering the speeches of Fed officials and persistently high but generally stable inflation data, the committee's overall stance is unlikely to be hawkish." The market widely expects the Fed to pause rate hikes this time, and traders will focus on the Fed's policy statement and Chairman Kevin Warsh's speech for clues about the timing of the next rate hike. Silver is a non-interest-bearing asset, and rising interest rates will increase the opportunity cost of holding silver, thus putting downward pressure on silver prices. If the Federal Reserve releases hawkish signals, silver will come under pressure; if its stance leans towards caution and conservatism, silver is likely to continue its rebound. Technical Analysis From the daily chart, after briefly rising above $70 at the end of August, spot silver has consistently exhibited a pattern of lower highs and lower lows. Silver prices are currently trading below the 100-day and 200-day simple moving averages, confirming a short-term bearish bias. The Relative Strength Index (RSI) is close to 34, indicating that while the market is in oversold territory, it has not yet reached extreme oversold levels. The MACD indicator remains negative, with the indicator line below the zero line, showing weak momentum and suggesting that prices still face the risk of further downward correction. On the upside, the first resistance level is the nearby $55 level; followed by $60 and the 100-day simple moving average at $62. These levels will form a strong resistance barrier if the bulls attempt a rebound. Further up, the $65 mark and the 200-day simple moving average at $71 are key resistance levels; only by regaining these levels can the overall market structure hope to break free from the current bearish tone. On the downside, if the price breaks below the previous low of $52.67, it will test the psychological level of $50; once it breaks through this level, the price of silver may begin a deeper decline.