Silver Price Forecast – Silver Continues to Find SupportSilver Price Forecast - Silver Continues to Find Support
West Red Lake Gold Intersects 10.92 g/t Au over 2.4m, 11.07West Red Lake Gold Intersects 10.92 g/t Au over 2.4m, 11.07

The major US stock indices are trading above and below unchanged in early US trading. Winning streaks are still in play for the NASDAQ and the S&P index. The NASDAQ index has been up for 9 consecutive days while the S&P index has been up for 8 consecutive days. Yesterday the Dow Industrial Average snapped its seven-day win streak with a modest decline.

A snapshot of the market 8 minutes into the open is showing

  • Dow Industrial Average average is trading down -8.97 points or -0.03% at 34103.31
  • S&P index down -0.56 points or -0.01% at 4382.23
  • NASDAQ index up 0.02 points or 0.00% at 13650.43

The NASDAQ closed above its 100 day moving average for the 2nd consecutive day yesterday. That moving average currently comes in at 13616.44.

The S&P index is still short of its 100 day moving average of 4402.41. The high price today came in at 4393.40 so far.

In the US at that market, yields are higher today. The US treasury will auction off 30 year bonds that will 1 PM ET to complete the coupon auctions. The 3 and 10 year auctions were met with average demand. A snapshot of the yield curve currently shows:

  • 2 year yield 4.955%, +1.9 basis points
  • 5 year yield 4.546% +2.5 basis points
  • 10 year yield 4.537% +2.9 basis points
  • 30 year yield 4.686% +3.0 basis points

Looking at other markets:

  • Crude oil is trading up $0.87 or 1.15% at $76.21. The price reached a low yesterday of $74.96 which was the lowest level going back to July 20. It’s a 200-day moving average is still above at $78.11 and would need to be broken to increase the bullish bias.
  • Spot gold is up $3.25 or 0.17% at $1952.74.
  • Spot silver is up $0.12 or 0.55% at $22.65
  • Bitcoin is continuing its search the upside and currently trades at $37,675

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