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June 25, 2023
A 7 day downtrend has resulted in the asset losing $1.79. With a marginal improvement upon Friday's session, the CME Silver future recovered back to $22.45 per troy ounce after dipping down to $22.14, in a session that followed Thursday's $22.47 close value.
Technical chart analysis shows Silver is oscillating around the $22.15 level serving as support. Concerning technical analysis and more specifically, trend indicators, the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Friday's price action generated a Japanese candlestick pattern showing 'Bullish Harami' is a candlestick chart indicator used for detecting reversals in an existing bear trend. It is generally indicated by a small price increase that's contained within a broader downward price movement and is commonly associated with a bearish trend coming to an end. Analysis based on the asset volatility indicates that Silver's upper Bollinger Band® is at $24.97 and the lower is $22.32.
The current technical outlook indicates Silver will continue to ebb sideways within tight ranges for the immediate future.
Meanwhile, mixed performances are seen in other Metals as Copper is down to $3.81, losing 8.3 cents, after ending the previous session around $3.89. Gold is trading around $1,930.3 after ending Friday's session at $1,923.7 (up 0.34% today).
The CME Silver future is now trading 14.74% below the significant high of $26.35 it set around a month ago.
