Advertisement
Advertisement

Silver Price Prediction – Prices Rise as Yields Fall

By:
David Becker
Updated: Jul 22, 2021, 18:32 UTC

Existing Home Sales rise

Silver Price Prediction – Prices Rise as Yields Fall

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.

Regulated By:FCA, CySEC , FSCA, FSCM
Headquarters:Cyprus
Foundation Year:2011
Min Deposit:$10
82% of retail CFD accounts lose money
Official Site:
Demo Account:Open Demo Account
Max Leverage:1:30 (FCA), 1:30 (CySEC ), 1:500 (FSCA), 1:3000 (FSCM)
Publicly Traded:No
Deposit Options:Wire Transfer, Credit Card, Skrill, Neteller, , Local Deposit, , Maestro, Visa, Mastercard
Withdrawal Options:Wire Transfer, Credit Card, Skrill, Neteller, Mastercard, , , PerfectMoney, Maestro, Visa
Products:Currencies, Commodities, Indices, Stocks
Trading Platforms:MT4, MT5, ,
Trading Desk Type:No dealing desk, ECN, Market Maker
OS Compatability:Desktop platform (Windows), Desktop platform (Mac), Web platform
Mobile Trading Options:Android, iOS

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.

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.

About the Author

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.

Did you find this article useful?

Advertisement