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Silver Price Forecast for October 02

Silver Price Forecast for October 02

After dropping sharply from a high of 17.553 on Tuesday to a low of 16.903 on Wednesday sliver prices started to recover and were soon back above the 17.300 level.

The price started to rise after data showed that manufacturing activity in the US expanded at the slowest rate for three months last month. Low manufacturing activity will raise investors’ concerns about the health of the US economy and future monetary policy.

It is generally thought that the Federal Reserve will raise interest rates early next year. While this is the general consensus then the price of precious metals will keep falling. On Friday the nonfarm payroll data for September is due. If the data is good then the price of silver will probably start falling again. As a result a Put trade could turn out to be profitable.

OCA News Editor

Jenny McKinnley is OCA’s financial correspondent. After spending years on the trading floor in both NY and London, she offers insight from the inside out on world financial news and events.

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