LATEST SILVER UPDATE BY – MCX PROFIT HUB

‘Silver could struggle for direction but investor interest remains strong’

Silver, which breached $19 per ounce (oz) last month for the first time since 2016, corrected almost 14 percent from the highs to slip below $17/oz early October but has regained almost 5 percent since then.

Silver, which breached $19 per ounce (oz) last month for the first time since 2016, corrected almost 14 percent from the highs to slip below $17/oz early October but has regained almost 5 percent since then.

Silver surged to a three-year high earlier this year amid sharp gains in Gold and robust ETF inflows. The momentum weakened as Gold turned rangebound while industrial metals witnessed mixed trade.
This is also evident from the shift in speculative positions. As per US CFTC data, non-commercial traders for Silver futures raised long position in late July to the highest level since April 2017, however, we have seen mixed trend since then. In the last ten weeks, speculators have cut long position six times.