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June 11, 2023The sentiment that generated 80.7999 cents in cumulative gains over the past 3 days was further evident for CME Silver. On-trend Silver closed the session Friday with more of the same: CME Silver drifts up 0.19% to close at $24.39 per troy ounce Friday.
Technical analysis trend indicators suggest that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Asset volatility analysis shows that Silver's upper Bollinger Band® is at $24.49, this is a slight indication of a slowdown.
Notwithstanding Silver's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
At the same time, Palladium is down to $1,316, losing $42.3, after ending the previous session around $1,358.3. Copper is down to $3.77, losing 2.4 cents, after ending the previous session around $3.79.
The CME Silver future is now trading 7.6% below the significant high of $26.35 it set around a month ago.
