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Silver Price Prediction – Prices Whipsaw Following Gold Prices Lower
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Silver prices end its 5-day winning streak
Silver prices whipsawed on Wednesday, breaking a streak of 5-straight trading days. The dollar also whipsawed and attempted to rally but could not gain traction. Gold prices followed a similar track and weighted on the entire precious metals complex. The 10-year yield also rallied, as the yield curve finally steepened after multiple days of flattening. U.S. home prices surged in October, according to data from S&P Case Shiller.
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Technical Analysis
Silver prices whipsawed and ended its 5-day winning streak. Resistance is seen near the 50-day moving average at $23.48. Support is seen near the 10-day moving average at 22.63. Short-term momentum has turned negative as the fast stochastic generated a crossover sell signal. 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.
Home Prices Continue to Rise
According to Case Shiller, U.S. home prices surged in October as the housing market continued to boom. The 20-city home price index climbed 18.4% in October year over year. The gain marked a slight deceleration from a 19.1% year-over-year increase in September but aligned with expectations.
About the Author
David Beckerauthor
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.
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