FUNDAMENTALOVERVIEWSilver has now erased allthe gains since the start of US-Iran ceasefire as the current stalemate iskeeping the hawkish Fed worries alive. In fact, despite lower realyields, looser financial conditions and a weaker US dollar, the hawkish Fedbias has been the main culprit capping the bullish momentum in precious metals. This is unlikely to changeanytime soon as even if the US-Iran war officially ends and the Strait ofHormuz is reopened, the increase in economic activity might keep inflationhigher for longer and force the Fed to hold rates steady. Nonetheless, the reopeningof the Strait should give the market a boost in the short-term as it would easesome inflation worries and bring back rate cut expectations. After that though,traders will be focused on economic data and the Fed’s stance.Tomorrow, we have the FOMCpolicy decision and although the Fed is expected to keep everything unchangedamid the US-Iran uncertainty, there’s a risk of a more hawkish leaning due toresilient US data and a longer than expected US-Iran war. A neutral Fed shouldn’tbring much volatility, but a more hawkish one could add more pressure on silver.SILVER TECHNICALANALYSIS – DAILY TIMEFRAMEOn the daily chart, we cansee that silver extended the losses after the price fell back below the key78.00 level. The natural target for the sellers should be the major upwardtrendline around the 67.00 handle. If the price gets there, we can expect thebuyers to step in with a defined risk below the trendline to position for arally back into the 78.00 level. The sellers, on the other hand, will look fora break to extend the drop into the next trendline around the 55.00 handle.SILVER TECHNICAL ANALYSIS –4 HOUR TIMEFRAMEOn the 4 hour chart, wehave a key swing level at 72.60. This is where we can expect the buyers to stepin with a defined risk below the level to position for a rally into new highs.The sellers, on the other hand, will look for a break to increase the bearishbets into new lows.SILVER TECHNICAL ANALYSIS –1 HOUR TIMEFRAMEOn the 1 hour chart, we havea minor downward trendline defining the drop into the 72.60 level. If the pricebreaks above it, we can expect the buyers to increase the bullish bets into thenext trendline around the 75.00 handle. The sellers, on the other hand, willwait for the pullback into the 75.00 handle to position for a drop into newlows. The red lines define the average daily range for today. UPCOMING CATALYSTSToday we get the US Consumer Confidence report. Tomorrow, we have the FOMCpolicy decision. On Thursday, we get the US Q1 GDP, the US Employment CostIndex and the latest US Jobless Claims figures. On Friday, we conclude the weekwith the US ISM Manufacturing PMI. This article was written by Giuseppe Dellamotta at investinglive.com.