Silver Price Prediction – Prices Edge Higher on Soft PMI Data
Silver prices edged higher, forming in inside day, which is a sign of indecision. The selloff in the greenback did not help the silver prices gain traction. U.S. Yields moved lower in the wake of the Fed’s monetary policy decision on Wednesday and softer than expected Jobless claims were released by the Labor Department on Thursday. PMI data released by IHS Markit showed a pullback in September in Manufacturing and Services.
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Technical analysis
Silver prices edged but formed an inside day. Prices are poised to test resistance near the 10-day moving average at $23.06. 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. Medium-term positive momentum is decelerating as the MACD (moving average convergence divergence) histogram is printing in positive territory with a declining trajectory which points to consolidation.
The first look at national PMI data from IHS Markit was reported on Thursday. The September manufacturing PMI came in at 60.5, a 5-month low versus 55.1 reported in August. The services PMI also dropped, hitting a 14-month low at 54.44 versus 55.1 in August. The total September composite PMI was 54.5, which was a 1-year low versus 55.4 in August.
