Silver is trading sideways in Wednesday trade. In the European session, silver is trading at $17.54, down $0.01, or 0.03% on the day.
Silver Prices Steady for Fifth Successive Day
Silver remains flat, as the metal continues to hover close to the $17.50 level. A weak U.S. dollar has given some support to the metal, with the euro and pound continuing to gain ground against the greenback. At the same time, equities have been moving higher, which has prevented any sustained upward movement by silver. The result of these opposing trends has meant that silver prices have been very steady in the month of October.
U.S-China talks, Brexit in Focus
Risk appetite has been steady, and silver prices have been left to drift throughout the week. There is optimism that the U.S. and China will hammer out a limited trade agreement, as the sides continue to negotiate. Investors are also keeping a close eye on Brexit. The drama in parliament continues, as lawmakers voted down a bill which provided a tight timetable to pass a withdrawal deal by October 31, the date the U.K. is scheduled to leave the European Union. Prime Minister Boris Johnson has threatened to call an election, but he would need a majority in parliament for such a move. The EU appears willing to grant yet another 3-month extension, so the Brexit saga is by no means over.
Silver Technical Analysis
Silver continues to drift, as the metal is showing little appetite for any movement away from 17.50. The 50-EMA is at 17.56, so traders should be prepared for the lack of activity to continue this week. On the upside, the round number of 18.00 is stable. This line has remained intact since late September. Below, we find support at 17.00.
This article was originally posted on FX Empire
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