Silver Price Prediction – Prices Slide On Slippery Confidence


The price of silver slipped as the rising dollar weighed on prices. The greenback may have gained ground as yields rose following better house price data. Weaker than expected consumer confidence also weighed on prices.

Technical analysis

Silver prices fell on Tuesday as yields continued to rise. Prices are ready to test support near September lows at 22.03. Resistance is near the 10 day moving average at $ 22.66. Short term momentum turned negative as the Fast Stochastic generated a cross sell signal. The medium-term positive rate decelerates as the MACD (Moving Average Convergence Difference) histogram prints in positive territory with a decreasing trajectory that indicates consolidation. Relative strength rebounded and then fell after testing the oversold trigger level of 30.

Consumer confidence has plummeted

U.S. consumer confidence fell to its lowest level in seven months in September, as COVID-19 cases heightened concerns about the economy’s near-term outlook, matching expectations of slower growth in the third trimester. The Conference Board said its consumer confidence index fell to 109.3 this month from 115.2 in August. The third consecutive monthly decline pushed the index to its lowest level since February. The measure, which places more emphasis on the labor market, fell 19.6 points from a peak of 128.9 in June. Expectations had been for the index pushing up to 114.5.

Source link


Leave A Reply