Silver Price Prediction – Prices Rebound on Softer JOLTS Report

Silver prices rebounded on Tuesday after declining on Monday. The dollar whipsawed allowing silver prices to gain traction. U.S. yields were mixed as the 10-year surged higher capping the gains in silver prices. The JOLTS report showed a small decline while the quit rate increased.

Technical Analysis

On Tuesday, silver prices rebounded following a decline on Monday. Support is seen near the 10-day moving average at 22.93. Resistance is seen near the 50-day moving average at $23.83. Short-term momentum has turned negative as the fast stochastic generated a crossover sell signal. Prices moved out of overbought territory. Medium-term momentum has turned positive as the MACD (moving average convergence divergence) index generated a crossover buy signal. This scenario 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.

Jobs Openings Fell Slightly

For November, the number of job openings totaled 10.56 million, lower than the 11 million estimates from FactSet and a decline from 11.09 million in October. The level, however, was well ahead of the 6.88 million total of those out of work and looking for jobs in November, according to the government’s nonfarm payrolls report for that month. The job openings rate was 6.6%, down from about 7% in October but well ahead of the 4.5% from the prior year.