Yahoo Finance Silver Price Prediction – Prices Rise on Strong Durable Goods Orders
Silver price rose slightly, despite a climbing dollar dollar and rising yields. The greenback was able to gain traction as yields surged higher in the wake of better than expected U.S. Durable Goods orders. Strong orders have pushed the 10-year U.S. Treasury yields to 1.50% the highest its been since June.
Technical analysis
Silver prices rose on Monday following Friday’s inside day. Prices are poised to test resistance near the 10-day moving average at $22.980. Target support is seen near the September lows at 22.03. Short-term momentum has turned positive as the fast stochastic generated a crossover buy signal. The medium-term positive rate is decelerating as the MACD (moving average convergence divergence) histogram is printing in positive territory with a declining trajectory which points to consolidation. The relative strength rebounded and then moved lower after testing the oversold trigger level of 30.
Durable goods orders increased 1.8% to $263.5 billion in August as compared with July, the Commerce Department reported which was the biggest increase since May. Economists expected durable goods orders to rise by 0.7%. Orders increased 0.5% in July from the prior month, up from an earlier estimate for that month showing a 0.1% decline. Demand for durable goods has increased in 15 of the last 16 months after an April 2020 low point.
This article was originally posted on FX Empire
