Silver Prices Remain Glued to $17.50

Silver continues to have a quiet week. In the European session, silver is trading at $17.51, down $0.01, or 0.09% on the day.

Silver Remains Flat at $17.50

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. At the same time, equities have been moving higher, which has prevented any sustained upward movement by silver. These opposing trends have kept silver in flat mode since the end of last week.

Will Brexit Turmoil Move Silver?

The Brexit saga remains full of uncertainty. Earlier this week, lawmakers rejected a government bill which contained a tight timetable to pass a withdrawal deal by October 31, the date the U.K. is scheduled to leave the European Union. A defiant Prime Minister Boris Johnson has pulled the Brexit bill and said he will call a Christmas election, but he would need a majority in parliament for such a move. The EU has granted yet another 3-month extension, so the ball is now in the government’s court. A no-deal exit still remains on the table, and if investors feel that a deal will not be reached in time, risk apprehension could rise and precious metals like silver could gain ground.

Silver Technical Analysis

Silver continues to drift, as the metal is showing little appetite for any movement away from 17.50. The metal has now traded sideways for a fifth straight day. The 50-EMA is at this line, so the lack of activity could continue for the remainder of the 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.