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David Becker
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Silver prices rebounded on Thursday for a second consecutive trading session. The dollar moved higher but yields moved lower which seemed to buoy gold prices, Copper gained pushed higher after gaining a foothold as concerns over the spread of the virus disappeared slightly.  A stronger than expected Existing Home Sales failed to buoy yields as jobless claims unexpectedly declined on Thursday.

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Technical analysis

Silver prices dropped rebounded on Thursday for a second consecutive trading session after falling for three consecutive trading sessions. Target support is seen near a horizontal line seen near 23.86. Resistance is seen near former support near $25.55.  Additional resistance is seen near the 20-day moving average at 25.93. Short-term momentum has turned positive as the fast stochastic generated a crossover buy signal. Medium-term momentum has turned negative as the MACD (moving average convergence divergence) generated a crossover sell signal. This occurs as the MACD line (the 12-day moving average minus the 26-day moving average) crosses below the MACD signal line (the 9-day moving average of the MACD line). The MACD histogram is printing in negative territory with a sliding trajectory which points to lower prices.

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Existing-Home Sales Rise

Following 4-months of lower existing home sales the June data snapped the streak. Existing home sales rose 1.4% in June month-to-month to an annualized rate of 5.86 million units, according to the National Association of Realtors. Sales were 22.9% higher compared with June 2020. The inventory of homes for sale at the end of June was 1.25 million, representing a 2.6-month supply at the current sales pace. That is a slight improvement from May’s 2.5-month supply.

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