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Silver Price Prediction – Prices Drop on Strong Confidence Report

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Silver prices retraced Monday’s gain slipping down to trend line support which was former resistance. The dollar rallied for a second consecutive trading session, putting downward pressure on the entire precious metals complex. Yields were mixed despite a stronger than expected consumer confidence report.

Silver prices reversed lower after breaking out above trend line resistance which is now support at 24. Additional support is seen near the 10-day moving average at 23.81. Resistance is seen near the September highs at 24.82. The 10-day moving average is poised to cross above the 50-day moving average which means a short-term uptrend is about to be in place. Short-term momentum turned negative as the fast stochastic generated a crossover sell signal. Medium-term momentum has turned positive as the MACD (moving average convergence divergence) index generated a crossover buy signal. This occurs as 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 printing in positive territory with an upward sloping trajectory which points to higher prices.

Consumer Confidence Rises

U.S. consumer confidence rose in October after three straight declines as the public’s anxiety about the delta variant of the coronavirus appear to have diminished. Separately, U.S. new homes surged to a six-month high in September. New home sales jumped 14.0% to an annual rate of 800,000 units last month, the highest level since March.

This article was originally posted on FX Empire

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