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March 02, 2023
While the CME Silver future is on a 4 day uptrend Today's session might suggest a slow down — Silver is rallying again to $21 per troy ounce (up 4.1 cents), after erasing earlier gains.
The CME Silver future's state is reflected by market data as United States Crude Oil Inventories released yesterday at 15:30 UTC is better than expected at 1.17 million but down from preceding data of 7.65 million according to new data. United States ISM Manufacturing PMI (Feb) came out at 47.7, while a consensus of analysts was expecting 48. United States Cushing Crude Oil Inventories released yesterday at 15:30 UTC with a figure of 307,000, while the previous figure was 700,000.
Silver is approaching key support, around 7 cents away from $20.92. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls. The MACD index is indicating that momentum is shifting from bearish to bullish following a positive crossover. When the MACD rises above the signal line, it is typically considered to be a bullish development favoring long positions. CME Silver's upper Bollinger Band® is at $22.45 and the lower is $20.58.
Although price action remains in a stalemate, technical analysis suggests CME Silver could be primed for a break to the upside.
Meanwhile, mixed performances are seen in other Metals as Platinum closed at $955.7 (down 0.63%). After ending yesterday's session at $4.16, Copper lost 2.15 cents and is trading around $4.14.
Furthermore, the market is looking at United States Initial Jobless Claims projected to decline to 195,000 while previous data was 192,000; data will be released today at 13:30 UTC. United States ISM Non-Manufacturing PMI (Feb) scheduled to come out tomorrow at 15:00 UTC.
The commodity has been trending lower for about a month. This year has been a gloomy one for the CME Silver future after trading as high as $26.89 and going on to lose 13.42% of its value.
