Silver Price Prediction – Prices are rising due to heavy orders for durable goods

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The price of silver rose slightly despite a rising dollar and rising yields. The greenback gained traction as yields rose on better-than-expected US durable goods orders. Strong orders have pushed 10-year US Treasury yields to 1.50%, their highest level since June.

Technical analysis

The price of silver rose on the Monday after Inside Day on Friday. Prices are ready to test resistance near the 10-day moving average at $ 22,980. Target support is seen near the September low at 03/22. The short-term momentum has turned positive as the fast stochastics generated a crossover buy signal. The medium-term positive rate is slowing as the Moving Average Convergence Divergenence (MACD) histogram prints in positive territory with a bearish trajectory indicating consolidation. Relative strength rebounded and then went down after testing the oversold trigger level of 30.

Durable goods orders rose 1.8% to $ 263.5 billion in August compared to July, the Department of Commerce reported, the largest increase since May. Economists estimate that durable goods orders will increase by 0.7%. Orders in July were up 0.5% month-over-month, down 0.1% from a previous estimate for this month. The demand for durable goods has increased in 15 of the last 16 months from a low in April 2020.

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