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Silver Price Prediction: Since July 2020, silver prices have stabilized near their lows under a risk-off market mentality

Alina Haynes

May 13, 2022 10:25

As Treasury yields and riskier assets decrease, silver prices continue to decline. As scared investors flock to the greenback as a safe haven, the dollar achieves highs not seen in two years. As investors shifted from equities to bonds in response to mounting inflationary pressures, benchmark yields declined.

 

Today, the yield on ten-year bonds fell 7 basis points. As the dollar extended its gains, selling pressure increased, causing gold prices to fall. This week, oil prices fluctuated, climbing on Thursday due to geopolitical tensions surrounding the Russian oil embargo, supply fears, and ongoing lockdowns in China.

 

Last week's initial unemployment claims jumped to 203,000 from the revised amount of 202,000 the week before. This was the highest reading since mid-February.

 

Job vacancies and resignation rates are at all-time highs, which is consistent with the tight labor market. The tight job market has forced workers to seek out better employment options.

 

Inflation will not disappear soon. While the CPI estimate of 8.3 percent was more than anticipated, it was still below March's reading of 8.5 percent. The data supports the Fed's strategy to aggressively tighten interest rates in response to rising inflationary pressures.

Technical Evaluation

In response to heightened risk aversion and inflationary fears, silver prices dropped below the $21 threshold. The continuous breach below $22 shows a momentum trend that favors negative traders. The XAG/USD is anticipated to decline further.

 

The metal is likely to experience further declines near the $21 level and approach the $20 psychological threshold.

 

Near the 2019 lows near the $19.60s range, support is anticipated. Near the 10-day moving average near the 10-day moving average of 22.14, resistance is observed. The short-term momentum is negative as the fast stochastic signaled a sell crossover.

 

The medium-term momentum has become negative as the histogram and MACD both print in a negative direction (moving average convergence divergence). The MACD histogram is moving in a negative direction, reflecting the downward trend in price movement.

 

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