Silver prices moved sideways during the European session on Friday (October 31st), holding in the high range 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 rents in London fell, but volatility remained high—buy the dip and sell the rally strategies were dominated until new triggers from US data or US-China trade news.
The silver price at the time of this analysis was released was $49.103.
Disclaimer:
This article is analytical in nature and does not constitute definitive guidance. Please consider fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id
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