Silver Price Prediction – Prices Slide to Support as Yields Continue to SlideThe dollar finally eased
Silver prices moved lower on Thursday and are poised to test trend line support. Copper prices also moved lower and despite a decline in the U.S. dollar, gold prices all slipped. The U.S. 10-year yield continued to drop on Thursday following an unexpected rise in the U.S. Initial jobless claims.
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Silver prices moved lower and are poised to test target support near an upward sloping trend line that comes in near 25.69. Prices have slipped through short-term support, which is now resistance near the 10-day moving average at 26.13. Additional resistance is seen near the 50-day moving average at 27.06. Short-term momentum has turned negative as the fast stochastic generated a crossover sell signal. Medium-term negative momentum has decelerated and appears neutral. The MACD histogram is printing in the negative territory near the zero index level with a flat trajectory which reflects consolidation.
Jobless Claims Unexpectedly Rise
Initial Jobless claims unexpectedly rose last week. Initial Jobless claims totaled 373,000 for the week ended July 3, compared with the 350,000 expected. The previous week’s level was revised up by 7,000 from 364,000 to 371,000. The level of continuing claims, decreased to 3.34 million, down 145,000 from the previous week’s revised level. These measures claims that are 2-weeks or longer. The decline in the number of continuing claims represented the lowest level for insured unemployment since March 2020. The four-week moving average for continuing claims, which smooths weekly volatility, fell by 44,500 to 3.44 million, also the lowest since March 2020.