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Silver fell on Thursday and is about to test trendline support. Copper prices also fell, and despite a fall in the US dollar, all gold prices fell. After an unexpected spike in U.S. initial jobless claims, the 10-year dollar yield continued to decline Thursday.
Technical analysis
Silver price moved down and is ready to test target support near an upward sloping trendline that is near 25.69. Prices have slipped through near-term support, which is now resistance near the 10-day moving average at 26.13. Additional resistance is seen near the 50-day moving average at 27.06. The short term momentum turned negative as the fast stochastics generated a crossover sell signal. Medium-term negative momentum has slowed and appears neutral. The MACD histogram prints in the negative area near the zero index level with a flat curve that reflects the consolidation.
Unemployment claims rise unexpectedly
Initial jobless claims rose unexpectedly last week. Initial jobless claims for the week ending July 3 were 373,000, compared to an expected 350,000. The previous week’s level was corrected upwards by 7,000 from 364,000 to 371,000. Current accounts receivable decreased to 3.34 million, a decrease of 145,000 from the revised level of the previous week. These measures claim that they will take 2 weeks or more. The decline in permanent claims represented the lowest level of insured unemployment since March 2020. The four-week moving average of permanent claims, which smooths out weekly volatility, fell by 44,500 to 3.44 million, also the lowest level since March 2020.
These items was originally published on FX Empire
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