Silver - Long Above Key Support
We see Silver moving higher and continuing its recent uptrend from September lows just above $17 whilst it is above key support at around $21. However, we await key data releases such as the Q3 US GDP growth rate tomorrow and non-farm payrolls on Friday. This could indicate whether FED chair Powell will continue with aggressive rate hikes or increase market expectations that he would pivot as the US economy slows in particular with the recent lower than expected inflation data. A more dovish stance would boost Silver demand both as a safe haven and in it's use for industrial production.
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