Silver Price Forecast – Prices rise as negative momentum wears off

0


[ad_1]

Silver prices rose along with gold prices as the dollar fell and yields fell. Prices stayed above the short-term support. The dollar’s rally drove silver. Copper prices also rose, which benefited silver prices. US Treasury bond yields fell after the non-farm payroll report. Despite the higher than expected number, the unemployment rate rose faster than expected.

Technical analysis

Silver prices rose and continued to consolidate. Prices remain above the short-term support seen near the 10-day moving average at 26.0. Resistance is seen near the 50-day moving average at 6/27. The short-term momentum is positive as the fast stochastics generated a crossover buy signal. The medium term negative momentum has slowed and the MACD (Moving Average Convergence Divergenence) index is ready to generate a crossover buy signal. This scenario occurs when the MACD line (the 12-day moving average minus the 26-day moving average) crosses the MACD signal line (the 9-day moving average of the MACD line).

The employment rate is increasing despite robust payrolls

The unemployment rate rose faster than expected from 5.6% to 5.9%. This increase was due to the non-farm workforce increasing by 850,000 for the month, compared to expectations of 706,000. The rise in the unemployment rate occurred even though the activity rate was unchanged at 61.6%. this means that there have been job losses according to this survey.

These items was originally published on FX Empire

More from FXEMPIRE:

[ad_2]

Leave A Reply

Your email address will not be published.