EUR/JPY Price Forecast: Holds gains above 176.50, but downside bias prevails below 100-day SMA

Silver prices rose to nearly $53.00 per troy ounce, following a two-day decline, during Asian trading sessions on Monday. This uptick in silver prices came as declining oil prices helped ease inflationary concerns. US President Donald Trump announced that military strikes on Iran are unlikely, provided progress continues on Iran's nuclear program and the Strait of Hormuz stays open.

The president noted that the costly Middle East conflict, which had previously driven up energy costs, contributed to the recent Republican midterm election losses. Trump's remarks were made in a CNN interview, where he reaffirmed that more military action is unlikely if Iran signs a comprehensive agreement. Iran has threatened retaliation against any future US strikes, targeting US and Israeli assets.

However, investors are concerned about the possibility of a Federal Reserve rate hike in December, with the CME FedWatch tool showing a probability of 78% for the hike. Strong US employment data, with Nonfarm Payrolls increasing by 165,000 in October, is providing support to the US Dollar. Traders are watching Tuesday's US Consumer Price Index and Friday's Producer Price Index reports for more information on the Fed's policy decisions.

Analysts suggest that Tuesday's US calendar events will determine whether the market has overreacted to easing Fed tightening expectations and whether the US Dollar may continue to weaken. Silver, a precious metal used for various industrial purposes and as a store of value, can be bought as physical metal or through Exchange Traded Funds.

Its price is influenced by factors such as geopolitical events, inflation, interest rates, and investment demand.