Silver Price Prediction – Prices Consolidate in a Narrow Range

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Silver prices have consolidated and moved sideways. The dollar fell, which boosted the precious metals complex. Returns have been mixed, although data on higher-than-expected jobless claims was offset by weaker-than-expected US GDP. The ECB kept its rates unchanged.

Silver prices have consolidated, rebounding near support which is near the 10-day moving average at 23.98. Resistance is seen near September highs at 24.82. The 10-day moving average has passed the 50-day moving average, which means that a short-term uptrend is in place. Short term momentum turned negative as the Fast Stochastic generated a cross sell signal. Medium-term momentum turned positive as the MACD (Moving Average Convergence Divergence) index generated a cross buy signal. This happens when the MACD line (the 12 day moving average minus the 26 day moving average) crosses above the MACD signal line (the 9 day moving average of the MACD line). The MACD histogram is printed in positive territory with a downward trajectory which suggests consolidation.

Fall in unemployment claims

Unemployment claims for the week ended October 23, amounted to 281,000 against 288,000 expected and 291,000 revised during the previous week. This is the lowest since the start of the pandemic. Outstanding claims were $ 2.243 million versus $ 2.420 million expected and $ 2.480 million revised in the previous week. The four-week moving average of new jobless claims has fallen to 299,250, but is still above the 225,500 in place on March 14, 2020


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