Silver Price Prediction – Prices Consolidate Despite Robust Manufacturing Data – FX Empire

Gold & Silver
image

Silver prices continue to trade under pressure, but the price action is consolidative. The dollar moved lower despite a stronger than expected empire manufacturing survey released for September. There is very little that will likely come out ahead of next week that will change the tune of the Federal Reserve, which appears to be on hold.

Technical analysis

Silver prices moved lower following and continues to trade sideways as the conviction for lower prices seems muted. The trend remains downward sloping as prices slipped through support levels. Resistance is an upward sloping trend line that coincides with the 10-day moving average at 24.06. Additional resistance is seen near the 50-day moving average near 24.57. Support is the August lows at 22.10. The fast stochastic generated a crossover sell signal which reflects accelerating negative momentum. Medium-term momentum has is neutral as the MACD (moving average convergence divergence) histogram is printing in positive territory with a flattening trajectory which points to consolidation. Its poised to generate a crossover sell signal which would confirm accelerating negative momentum.

Empire Manufacturing Beats Expectations

U.S. Empire Manufacturing data for September came in much better than expected. The results outstrip estimates notching up a mark of  34.3 versus. 17.9 estimate. The last reading for August was 18.3. Prices paid edged slightly lower declining to 75.7 compared to 76.1. Prices received increased slightly to 47.8 from 46. New orders showed strong gains rising to 33.7 from 14.8. Shipments for September increased to 26.9 from 4.4.

You Might Like

Articles You May Like

Art Auctioneer Offers Up Midcentury Masterpiece In L.A. At $8.5 Million
R.I.P. Clown World
Dignified To The End: How To Ensure Peace For Aging Parents’ Last Days
Hash-Tag US_BananaRepublic
MSRB CEO Mark Kim sees material information evolving

Leave a Reply

Your email address will not be published. Required fields are marked *