Quiet Day for Silver Following Volatility Induced by FOMC

iNVEZZ.com reported that silver saw little change in morning trade Thursday. Wednesday, however, the white metal saw some volatility following the release of minutes from a Federal Open Market Committee (FOMC) meeting held from October 28 to 29.

As quoted in the market news:

The price of silver for December delivery had shed two cents, or 0.12 percent, to $16.10 as of 07:21 GMT on the COMEX in New York. According to a report by Scotiabank, intraday support was observed at the nine-day simple moving average of $15.92. ‘Momentum and trend indicators remain biased to further downside.’

Based on the most actively traded COMEX contracts, those for December delivery, with a total volume of trade in gold and silver at 46,280 contracts as of 07:21 GMT today, the gold:silver ratio was at 73.50, up 0.13 percent from yesterday’s 73.40 close. The ratio ‘has formed a bearish outside reversal and made its second intraday break below its 21 day MA in three days. Focus remains on the recent high near 75.5 and support near 72,’ Scotiabank noted.

Click here to read the full iNVEZZ.com report.