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May 09, 2023
Silver has been losing ground for 4 days, shedding a total of 2.07% of its value. Today is looking a bit better: the CME Silver future trades at $25.8 per troy ounce, after ending yesterday at $25.83.
Silver's upper Bollinger Band® is at $26.18, suggesting that a downward move may follow.
Despite the market lacking direction, technical chart analysis strongly suggests Silver is positioned for a downward move in the near term.
Meanwhile, mixed performances are seen in other Metals as Copper is down to $3.89, losing 4.25 cents, after closing at $3.93 in the preceding trading session. After ending yesterday's session at $1,563.4, Palladium lost $15.9 and is trading around $1,547.5.
Furthermore, the market is looking at United States Consumer Price Index is expected tomorrow at 12:30 UTC. United States Crude Oil Inventories projected to come out at -1.6 million — worse than previous data of -1.28 million; data will be released tomorrow at 14:30 UTC. United States Core Consumer Prices figure is projected at 0.4%. It previously stood at 0.4%; data will be released tomorrow at 12:30 UTC.
Silver has fallen back around 1.96% from the significant high of $26.35 set 5 days ago.
