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July 04, 2023
After closing the previous trading day at $23.11, the CME Silver future went up to $23.27 only to drop back; still positive overall today, now trading at $23.23 per troy ounce.
Meanwhile, United States ISM Manufacturing PMI (Jun) came out at 46, while a consensus of analysts was expecting 47.2. United States ISM Manufacturing Employment (Jun) released yesterday at 14:00 UTC with a figure of 48.1, while the previous figure was 51.4. United States ISM Manufacturing Prices (Jun) came out at 41.8, while a consensus of analysts was expecting 44.
Silver is 7 cents away from testing key resistance at $23.3. Peaking above this level could inspire market bulls and open the path to further gains. Despite posting gains so far today, Silver slid below its 200 day Simple Moving Average at $23.07 in earlier trade — an early indicator that a negative trend could be emerging.
Despite basking in an uptrend and bullish intraday sentiment, chart analysis indicates Silver is set for a reversal in the coming days.
This rally in Silver's price coincides with other Metals as Platinum is up 1.15%. Gold gained 0.34% and is now trading at $1,936. Palladium added 0.98% to its value, now trading at $1,239.
Elsewhere, United States FOMC Meeting Minutes is scheduled for tomorrow at 18:00 UTC.
The CME Silver future is now trading 12.29% below the significant high of $26.35 it set around 2 months ago.
