Silver price today November 3: Stable trading around 48.63 USD/ounce

World silver prices stagnated below important resistance level

As of the morning of November 3, the price of silver on the world market was listed at 48.63 USD/ounce, unchanged from the previous trading session. This precious metal is in a stagnant phase after an unsuccessful attempt to increase the price, facing an important technical resistance zone.

According to Christopher Lewis, precious metals expert at FX Empire, the $49/ounce level is a strong resistance zone that has prevented silver prices from breaking out. He believes that a price reversal from this area could open up the risk of a drop to the $47/ounce area in the short term.

Forecasting market trends and sentiment

Silver market is quite volatile and may be forming a topping pattern, said expert Christopher Lewis. If the current price range is not maintained, silver prices may fall further to $42/ounce.

One notable factor is the weakening of retail investor sentiment. Mr. Lewis pointed out that when trading volume increases sharply at the peak of prices, then both prices and volume decrease, it shows that investors are gradually losing interest in the market. The gloomy trading situation is likely to continue. According to him, only when prices break back to the $ 50 / ounce level can market sentiment improve significantly.

Domestic silver prices are stable

In the Vietnamese market, domestic silver prices did not record many fluctuations on the morning of November 3. Major enterprises kept their listed prices unchanged from the previous day.

Below is a detailed price list at some business units and areas: