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Silver prices rose in the wake of the Fed’s decision as the dollar fell and US yields continued to slide. The Fed left rates unchanged, which put pressure on the greenback. The Fed also said it would consider removing some adjustments if the US recovery continues on track. The risk-off trade increased as stocks had a second straight trading session, allowing silver prices to gain momentum as the dollar eventually fell. Gold prices rebounded for a third straight trading session, allowing silver prices to gain a foothold.
Technical analysis
Silver prices soared and is ready to test resistance near the 10-day moving average at $ 23.23. The short-term momentum has reversed and turned positive as the fast stochastics generated a crossover buy signal. Prices are oversold as the Fast Stochastic shows a reading of 36, which is below the oversold trigger level of 18, reflecting increasing positive momentum.
Home sales fell
According to the National Association of Realtors, past property sales fell 2% in August to an annualized rate of 5.88 million units. In the first annual decline in 14 months, sales were 1.5% lower than in August 2020. The number of homes for sale fell by 1.5% month to month to 1.29 million at the end of August. Compared to August 2020, the inventory has decreased by 13. At the current rate of sale, there was a 2.6-month offer. The tight supply pushed the average price of an existing home sold in August to $ 356,700, up 14.9% from August 2020.
This article was originally published on FX Empire
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