The Treasury market is closed for the Columbus day holiday
Silver prices edged lower as the dollar moved higher, and yields were unchanged. The bond market in the United States was closed for the Columbus Day Holiday. Gold prices also edged lower. The dollar broke out against the yen, gaining momentum, but could not gain traction against the euro. In the wake of the U.S. jobs report, market participants are unsure of the next direction but with the Fed likely to taper in November, higher yields and a stronger dollar are likely in the cards.
Silver prices edged lower as the dollar moved higher. Resistance is seen near the 50-day moving average at 23.49. Support is seen near the 10-year moving average at 22.45. Medium-term momentum has turned positive as the MACD (moving average convergence divergence) index generated a crossover buy signal. This occurs as the MACD line (the 12-day moving average minus the 26-day moving average) crosses above the MACD signal line (the 9-day moving average of the MACD line). The MACD histogram is printing in positive territory with an upward sloping trajectory which points to higher prices. Short-term momentum has turned negative as the fast stochastic recently generated a crossover sell signal.
David Becker focuses his attention on various consulting and portfolio management activities at Fortuity LLC, where he currently provides oversight for a multimillion-dollar portfolio consisting of commodities, debt, equities, real estate, and more.