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Silver fell more than 1.2% on Tuesday but held support and closed session lows. Prices form a continuation pattern of the bear flag, and a breakthrough target support could confirm a tipple-top. US Treasury bond yields rose after a stronger than expected house price index. This hike in house prices is a key indicator of inflation that the Fed hopes will be temporary.
Technical analysis
Silver prices fell but held support as the bear flag continuation pattern continued. Support is seen near an upward sloping trendline at 25.70. A second upward sloping trendline is at 25.25. Resistance is seen near the 10-day moving average near 01/26. The short-term trend is down as the 10-day moving average has recently crossed below the 100-day moving average. The short term momentum is negative as the fast stochastics generated a crossover sell signal. Prices are oversold as the Fast Stochastic prints a value of 9 below the oversold trigger level of 20, which could anticipate a correction. The RSI also has a negative trajectory, which suggests that negative momentum is accelerating.
Home prices are rising while stocks are falling
Property price gains have increased over the past eleven years as demand continues to outpace supply. According to the National Association of Realtors, the inventory of properties for sale increased slightly in May from April, but is still 21% lower than in May 2020. According to the S&P CoreLogic Case-Shiller National Home Price Index, property prices rose 14, 6% April, up from a 13.3% increase in March. Among the larger cities covered by the index, the 10-city composite rose 14.4% year-on-year, compared with 12.9% in the previous month.
This article was originally published on FX Empire
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