| 
May 28, 2023A quick look at Friday: the CME Silver future spiked to $23.45 per troy ounce, gaining 53.5 cents.
Despite posting gains on Friday, Silver slid below its 3 day Simple Moving Average at $23.2 during the last session — an early indicator that a negative trend could be emerging. The CME Silver future could be slowing down soon as it approaches resistance at $23.66. Of course, crossing it might suggest further gains are ahead. In contrast, the CME Silver future formed a session range of $22.79 to $23.46 leaving buyers and sellers highly concentrated around an active Fibonacci resistance level of $23.44.
Examining the technical analysis landscape, Silver is likely to reverse course and start pointing downward in the short term.
Rallies can also be seen in other Metals, notably, Copper rose 2.33% Friday and closed at $3.59.
Having set a significant high of $26.35 24 days ago, Silver is trading 13.06% lower.
