Silver Price Prediction – Prices Slip as Dollar Gains

Silver prices traded sideways but could not gain traction and formed a doji day. The dollar edged higher as the 10-year treasury yield rose. The U.S. Yield curve flattened as riskier assets gained traction. Riskier assets gain traction on news that the 3^rd dose of the Pzifer vaccine would protect against the Omnicon. The Jobs Opening and Labor turnover report issued by the Labor Department showed a near-record number of jobs available.

Technical Analysis

Silver prices moved sideways. Prices are poised to test target, support is seen near the September lows at 21.42. Resistance is seen near the 10-day moving average at 22.71. The 10-day moving average has crossed below the 50-day moving average which mean a short-term downtrend is now in place. Short-term momentum has turned positive as the fast stochastic generated a crossover buy signal. Short-term momentum has turned positive as the fast stochastic generated a crossover buy signal. Prices are still oversold as the fast stochastic is printing a reading of 14, below the oversold trigger level of 20.

JOLTS Show Openings Remain Elevated

The total number of job openings hit 11.03 million, an increase of 4.1% as the rate rose to 6.9% from 6.7%. In October, the number of openings exceeded those looking for jobs by 3.6 million. JOLTS data runs a month behind the more closely followed nonfarm payrolls report, which showed a gain of 546,000 for the month. The JOLTS report showed that Job quitters declined by 4.7%, falling to 4.16 million from 4.36 million. The rate as a share of the workforce fell from 3% to 2.8%.