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Silver Prices Prediction – Prices Edge Higher on Dollar Weakness

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Silver prices moved higher on Thursday but were unable to recapture resistance. The dollar rallied despite U.S. Treasury yields declining. A stronger-than-expected jobless claims report failed to buoy the greenback. The ECB kept rates unchanged and said they would recalibrate their bond purchase program.

Technical analysis

Silver prices moved higher but failed to recapture resistance near the 10-day moving average at 24.17. Additional resistance is seen near the 50-day moving average near 24.73. Support is seen near an upward sloping trend line that comes in near 23.90. The fast stochastic generated a crossover sell signal which reflects accelerating negative momentum. Medium-term momentum has turned positive as the MACD (moving average convergence divergence) index generated a crossover buy signal. This buy signal 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).

Jobless Claims Fall More than Expected

Jobless claims in the U.S. dropped to 310,000 last week. Continuing claims, which run a week behind the headline number, dropped as well, falling to 2.78 million, a decrease of 22,000 from the previous week. That also is the lowest level since March 14, 2020. The four-week moving average for continuing claims dropped to 2.84 million. Claims had been expected to total 335,000 for the week.

This article was originally posted on FX Empire

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