America News Agency

Preliminary research results indicate an 89.4% probability that the Fed will lower interest rates by 25 basis points at its December policy meeting, bringing the federal funds rate to the 3.50–3.75% range. A rate cut by the Fed is considered a positive sign for non-yielding assets such as silver.

Dovish expectations for the Fed have been fueled by cooling job growth. New York Fed President John Williams, in a speech at the end of November, supported the need for further rate cuts while warning about slowing economic growth and weakening labor demand.

Williams noted, “Economic growth has slowed, and the labor market has gradually cooled,” adding that there is room for further adjustments in the near term. His dovish rate guidance has also significantly boosted expectations for monetary easing by the Fed.

For more clues on U.S. labor market conditions, investors are awaiting the Job Openings and Labor Turnover Survey (JOLTS) data for September and October, which will be released at 15:00 GMT. Economists estimate that U.S. employers posted 7.2 million new job openings during this period.

Silver has been trading within a narrow band between $56.58 and $59.34 for more than a week. The 20-day Exponential Moving Average (EMA) is trending higher and currently stands at $54.73, providing support for the uptrend. The price remains comfortably above this level.

The 14-day Relative Strength Index (RSI) is at 68 — close to overbought territory — and although it has retreated from recent highs, it continues to show strong momentum. This suggests that the uptrend may slow without losing validity.

According to analysts, trend conditions remain bullish as long as the 20-day EMA continues to rise and the pair holds above the average. If momentum cools further, the RSI may drift toward the mid-60s before a deeper correction develops, but sustained elevated levels would keep the path of least resistance tilted to the upside.