Silver Price Prediction – Prices Slip Trading in a Sideways Range
Silver prices edged lower and continue to consolidate, forming a continuation pattern. The dollar moved lower as yields pulled back. Unemployment claims continue to decline, but the mixed data put downward pressure on yields. Nearly all of the Special pandemic-related emergency programs ended in September, but that left saw a huge runup in the last week of October.
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Technical analysis
Silver prices slipped Thursday. Prices have formed a reverse head and shoulder pattern, and then a bull flag pattern, a continuation pattern from a bottoming breakout pattern. Support is seen near the 10-day moving average at 24.79. Target resistance is the August highs at 26. Short-term momentum has flip-flopped and turned negative as the fast stochastic generates a crossover sell signal. Medium-term positive momentum is decelerating as the histogram is printing in positive territory with a sliding sloping trajectory which points to consolidation
Initial Employment Data Continues to Impress
The Labor Department reported that U.S. jobless claims totaled 268,000, a decline of 1,000 from a week ago. Expectations were for claims to fall to 260,000. The total was the lowest since the beginning of the pandemic. The four-week moving average declined to 272,750t. Continuing claims, which counts the number of individuals accepting claims for 2-weeks or more, declined by 129,000 to 2.08 million, a pandemic-era low dating back to March 14, 2020.