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The silver price rallied for the second time in a row on Thursday. The dollar rose but yields fell, which appeared to be propping up the price of gold. Copper gains rose after gaining a foothold as concerns about the virus’ spread slightly cleared. A stronger-than-expected sale of existing homes failed to increase returns as jobless claims unexpectedly fell on Thursday.
Technical analysis
Silver prices rebounded for a second straight trading session on Thursday after falling for three straight trading sessions. Target support is seen near a horizontal line at 23.86. Resistance is seen near the former support at USD 25.55. Additional resistance is seen near the 20-day moving average at 25.93. The short-term momentum has turned positive as the fast stochastics generated a crossover buy signal. Medium-term momentum turned negative as the Moving Average Convergence Divergenence (MACD) generated a crossover sell signal. This happens when the MACD line (the 12-day moving average minus the 26-day moving average) falls below the MACD signal line (the 9-day moving average of the MACD line). The MACD histogram prints in the negative area with a sliding trajectory that indicates lower prices.
Increase in sales in the inventory
After four months of lower existing home sales, June data ended the streak. According to the National Association of Realtors, existing home sales rose 1.4% month-over-month in June to an annualized rate of 5.86 million units. Sales were 22.9% higher than in June 2020. The number of apartments for sale at the end of June was 1.25 million, which corresponds to an offer of 2.6 months at the current rate of sales. That is a slight improvement over the 2.5-month offer in May.
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