Silver Calms in Europe
Silver prices moved sideways during the European session on Friday (October 31st), holding at a high of around $49 per ounce. The market remained cautious as the dollar remained strong and gold corrected, while Jerome Powell's statement that a December Fed rate cut was unlikely to happen dampened expectations of further easing.
Liquidity pressures that triggered a short squeeze earlier in the month eased as lease rates in London fell, but volatility remained high—buy the dip and sell the rally strategies are likely to dominate until new triggers arise from US data or US-China trade news.
The price of silver at the time of this analysis was released was $49,103
- Buy if the price moves within $49,243
- Sell if the price moves within $48,997
Resistance 2: $49,736
Resistance 1: $49,436
Support 1: $48,697
Support 2: $49,397
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