Silver Price Prediction – Silver is rising but not breaking resistance due to dollar weakness
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Silver prices rose but failed to overcome important resistance. Copper prices also rose as the dollar fell, boosting the commodities sector. With most commodities quoted in US dollars, a decline in the greenback is generally positive for silver. US yields rebounded from their recent slump as the short squeeze on bonds appears to have begun.
Technical analysis
Silver rose on Friday but failed to buy key resistance near the 10-day moving average of 26.13. Support for silver is seen near an upward sloping trendline which stands at 25.69. Additional resistance is seen near the 50-day moving average at 27.06. A triple high appears to have formed on the daily chart, which will create headwinds for prices. The short term momentum turned positive when the fast stochastics generated a crossover buy 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.
Wholesale sales increase
Retail wholesalers’ sales in May 2021 were $ 576.5 billion, an increase of 0.8% from the April revised level and an increase of 36.8% from the May 2020 revised level. Wholesale inventories rose $ 709.8 billion in May, up 1.3%. Including the manufacturers’ sales branches and offices, total inventories increased by 8.2% compared to the revised level of May 2020. The percentage change from April 2021 to May 2021 has been revised from the flash estimate from 1.1% to 1.3%.
These items was originally published on FX Empire
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