Silver Prices Whipsaw Despite Rally in Gold and Palladium

• Silver prices whipsawed and moved lower
• Copper prices were under pressure
• Gold continued to rise on Geopolitical risk
• S. yields moved higher
• The dollar index continued to receive a safe-haven bid.

Silver prices attempted to move higher early, but like copper were sold into, despite a bid in gold. Geopolitical risks helped the dollar and gold gain traction, but U.S. yields rose ahead of the Fed next week. The House of Representatives and the Senate had a familiar voice when it came to passing a resolution where the U.S. would not trade Russian goods. This scenario includes oil.

Most of the day, riskier assets were under pressure, as equity prices worldwide declined. Volatility moved higher, buoying goods from Russia such as Platnum, wheat, and oil. The U.S. might ban Russian oil imports, further raising prices at the pump.

Palladium prices helped buoy gold as it rocketed 80% this year to all-time highs as financial sanctions on Russia, which produces 25-30% of global supply, could generate a shortfall.

Technical Analysis

Silver prices attempted to break out but could not gain traction above trend line resistance seen near 25.70. Support near the 10-day moving average that comes in near $24.86. Short-term momentum is negative as the fast stochastic generated a crossover sell signal. The RSI also turned over, moving from overbought to neutral territory, reflecting a positive decelerating rate.

The medium-term momentum is positive as the histogram prints positively with the MACD (moving average convergence divergence). The trajectory of the MACD histogram is upward sloping, which likely points to upward prices.