Singapore markets open in 8 hours 44 minutes
  • Straits Times Index

    3,253.79
    -3.03 (-0.09%)
     
  • S&P 500

    4,311.37
    +14.23 (+0.33%)
     
  • Dow

    34,162.54
    +250.10 (+0.74%)
     
  • Nasdaq

    13,124.12
    -3.94 (-0.03%)
     
  • BTC-USD

    23,868.66
    -392.68 (-1.62%)
     
  • CMC Crypto 200

    568.08
    -3.84 (-0.67%)
     
  • FTSE 100

    7,536.06
    +26.91 (+0.36%)
     
  • Gold

    1,788.40
    -9.70 (-0.54%)
     
  • Crude Oil

    86.89
    -2.52 (-2.82%)
     
  • 10-Yr Bond

    2.8420
    +0.0510 (+1.83%)
     
  • Nikkei

    28,868.91
    -2.87 (-0.01%)
     
  • Hang Seng

    19,830.52
    -210.34 (-1.05%)
     
  • FTSE Bursa Malaysia

    1,518.78
    +14.77 (+0.98%)
     
  • Jakarta Composite Index

    7,133.45
    +40.18 (+0.57%)
     
  • PSE Index

    6,850.64
    +112.80 (+1.67%)
     

Silver Prices Slide on Weak Industrial Production Figures

  • Oops!
    Something went wrong.
    Please try again later.
·1-min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.

Silver prices moved lower on Friday but finished the week in the black up 2.3%. The dollar rebounded on Friday, putting downward pressure silver prices. U.S. Treasury yields rallied despite mixed economic data. The 2-year Treasury yields hit a pre-pandemic high while the interest rate curve flattened. Retail sales were softer than expected as online spending declined. Import prices dropped while industrial production unexpectedly fell.

Technical Analysis

On Friday, silver prices moved lower as the precious metals complex turned lower. Resistance is seen near the 50-day moving average at $23.19. Support is seen near the 10-day moving average at 22.76. Short-term momentum has 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 sell signal. This scenario occurs as the MACD line (the 12-day moving average minus the 26-day moving average) crosses below the MACD signal line (the 9-day moving average of the MACD line).

Industrial Production Unexpectedly Declines

Industrial production fell 0.1% in December compared with the previous month, the Federal Reserve reported Friday. Expectations had been for factory output to grow 0.2% during the month. In November, industrial production rose by an upwardly revised 0.7%.

This article was originally posted on FX Empire

More From FXEMPIRE:

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting