Silver Calms Before Going on a Rally?
On Wednesday, October 15th, spot silver prices hovered around $51.928/oz, easing from yesterday's record surge that briefly reached $53+ in London. The extreme rally was fueled by a physical metal shortage in London—driving up the spot premium over New York futures—but that gap has begun to narrow as signs of the squeeze subside, although supply conditions remain tight and lease rates remain well above normal.
Going forward, silver sentiment will be determined by expectations of a Fed interest rate cut—which benefits precious metals—as well as policy risks from the US Section 232 investigation into crucial minerals, including silver. If physical liquidity in London improves and US yields rebound, the rally could potentially pause; conversely, persistently tight supply and a dovish Fed tone could keep prices elevated.
The price of silver at the time of this analysis was released was $51.934
- Buy if the price moves within the $52.234 range
- Sell if the price moves within the $51.634 range
Resistance 2: $52.834
Resistance 1: $52.534
Support 1: $51.334
Support 2: $51.034
Disclaimer:
This article is analytical in nature and is not a definitive reference. Please consider fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id
