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Silver Price Prediction – Prices Slip on Strong Retail Sales

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Silver prices slipped on Tuesday as the dollar continued to rally. Since silver is priced in U.S. currency, a stronger greenback generally weighs on silver. The dollar rallied along with U.S. Treasury yields following a stronger than expected retail sales data showing that the consumer remains active despite higher inflation. Industrial production also rose in October.

Technical analysis

Silver prices slipped on Monday. Prices have formed a reverse head and shoulder pattern which is a bottoming breakout pattern. This is likely a pause that refreshes. Support is seen near the 10-day moving average at 24.54. Target resistance is the August highs at 26. Short-term momentum has turned negative as the fast stochastic generates a crossover sell signal. Medium-term momentum has also turned positive as the MACD (moving average convergence divergence) index generated a crossover buy signal. This scenario occurs as the MACD line (the 12-day moving average minus the 26-day moving average) crosses above the MACD line). The MACD histogram is printing in positive territory with an upward sloping trajectory which points to higher prices.

Industrial Production Rose More than Expected

Industrial production rose 1.6% in October, ahead of the 1% estimate and a rebound from the 1.3% decline in September. And capacity utilization rose to 76.4%, its highest level since December 2019. The September weakness reflected severe shortages of semiconductor chips that contributed to a fall in auto production.

This article was originally posted on FX Empire

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