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Silver Prices Ease Ahead of Friday’s Payroll Data
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Silver prices fall as the US dollar and benchmark yields rally in light of ECB and BOE policy.
Silver prices moved lower on Thursday following jobs data in line with expectations. Gold prices snapped a three-day winning streak as the US dollar and benchmark yields rallied. The US dollar rose following the ECB policy decision to keep policy unchanged and the BOE policy decision to raise rates in the coming months. US treasury yields rose as investors await Friday’s nonfarm payrolls after Wednesday’s dismal ADP private payrolls were lower than expected.
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Technical Analysis
On Thursday, silver prices fell below a key support level. Support is seen near an upward sloping trendline near 22.49. Resistance is seen near the 50-day moving average at 22.84. Short-term momentum has turned negative as the fast stochastic generated a crossover sell signal. The fast stochastic is printing a reading of 14.28, below the oversold trigger level. Medium-term momentum is negative as MACD (moving average convergence divergence) index crossover indicates a sell signal. This scenario occurs when the MACD line (the 12-day moving average minus the 26-day moving average) crosses over the MACD signal line (the 9-day moving average of the MACD line). The MACD histogram prints in negative territory with a downward sloping trajectory pointing to lower prices.
US Services Industry Activity Declines in January
On Thursday, the Institute for Supply Management stated that its services activity (non-manufacturing) index fell to 59.9 in January from 62.3 in December. This reading is the lowest since February 2021. The Omicron variant drives the slowdown in the services industry as the economy lost significant momentum in January.
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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