Silver Price Prediction – Prices Slip As Gold Drags Precious Metals Down

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Silver prices fell but rebounded from the session lows. The dollar rebounded, which weighed on the precious metals complex. Gold prices fell, which created headwinds for silver prices. Yields were mixed despite stronger-than-expected PMI data from Chicago, which was offset by weaker than expected home sales.

Silver prices fell slightly and slid through support, maintaining resistance that sits near the 10 day moving average at 24.04. Support is near the 50 day moving average at 23.39. 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 pending home sales

Pending home sales, which is a measure of signed contracts, fell 2.3% in September from August, according to the National Association of Realtors. Analysts were forecasting a slight monthly gain. Sales are down 8% from September 2020.

This article originally appeared on FX Empire

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