Silver Price Prediction – Prices Consolidate in a Tight Range – FX Empire

Silver prices edged consolidated, moving sideways. The dollar dropped lower, which lifted the precious metals complex. Yields were mixed despite as stronger than expected jobless claims data was offset by weaker than expected U.S. GDP. The ECB kept rates unchanged.

Silver prices consolidated, bouncing near support which is seen near the 10-day moving average at 23.98. Resistance is seen near the September highs at 24.82. The 10-day moving average crossed above the 50-day moving average which means a short-term uptrend is in place. Short-term momentum 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 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 a declining trajectory which points to consolidation.

Jobless Claims Fall

Jobless claims, for the week ended October 23 came in at 281,000 vs. 288,000 expected and a revised 291,000 during the prior week.  This is the lowest since the beginning of the pandemic. Continuing claims were 2.243 million vs. 2.420 million expected and a revised 2.480 million during the prior week.  The four-week moving average for new jobless claims dropped to 299,250, but that is still higher than the 225,500 in place on March 14, 2020