Silver Price Prediction – Prices make up doji day which is a sign of indecision

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Silver moved sideways on Friday, forming a doji day despite a stable dollar and rising yields. The greenback gained traction as yields rose following the Fed comment. The US data was mixed. Despite weaker-than-expected PMI and jobless claims data released Thursday, the Fed said it will begin curbing bond purchases by the end of the year. The market is now calculating an increase of 25 basis points by September 2022 and a 50 percent chance of a second increase by December 2022. Higher yields will boost the dollar, which should eventually weigh on the yellow metal.

Technical analysis

Silver prices formed a doji day after an inside day, which is a sign of indecision. Prices are ready to test resistance near the 10-day moving average at $ 22.91. 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 recovered and then declined after testing the oversold trigger level of 30.


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