Silver Prices Extend Rally After Strong Jobs Data
Silver prices rose as the Russia-Ukraine conflict continues to cause increasing precious metal prices. US benchmark yields decline following the jobs report, with the 10-year yield dipping five basis points to 1.7%. Palladium price jump 6.84% amid supply fears. Gold prices also moved higher in light of supply fears.
Technical Analysis
On Friday, silver prices rose over continued supply concerns due to the Russia-Ukraine conflict. Support is seen near the 10-week moving average near 23.54. Resistance is seen near the 50-week moving average near 24.56. Short-term momentum turned positive as the fast stochastic generated a crossover buy signal. The fast stochastic prints a reading of 97.56.
Medium-term momentum is positive as MACD (moving average convergence divergence) index had a crossover buy signal. This scenario occurs when the MACD line (the 12-day moving average minus the 26-day moving average) crosses over signal line (the 9-day moving average of the MACD line). The MACD histogram prints in positive territory with an upward trajectory.
Non-farm Payrolls Beat Expectations in February
Non-farm payrolls increased by 678,000 in February, and the unemployment rate fell to 3.8%. Both readings beat expectations. Wall Street estimated that jobs would be 440,000 and 3.9%. Leisure and hospitality sectors led job gains, followed by healthcare and professional and business services.
