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March 06, 2023
During a 7 day uptrend, Silver gained a total of 54.3 cents, or 2%. Now turning against its recent performance, trading lower, CME Silver is currently down 13.3 cents as it ranges between $21.07 and $21.39 so far today.
Amid the market gloom, data for United States Factory Orders released today at 15:00 UTC is better than expected with -1.6%, but worse than previous figure of 1.7%.
Trend and momentum analysis indicates that Silver made an initial break below its 10 day Simple Moving Average at $21.09, a possible indication of a forthcoming negative trend. Japanese candlestick formations show 'Bearish Harami' is a candlestick chart indicator used for detecting reversals within a prevailing bull trend. It is generally indicated by a small price decrease that's contained within a broader upward price movement and is commonly associated with a bullish trend coming to an end. Analysis based on the asset volatility indicates that Bollinger Bands® shows an indication of recovery: the lower band is at $20.6, a low enough level to, generally, suggest that the CME Silver future is trading below its fair value. As the trading day comes to an end, chart analysis indicates CME Silver could begin to recover as it approaches significant support, now 15 cents away from $21.25. Dipping below could be an indication that further losses are ahead.
Notwithstanding Silver's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
Furthermore, United States Fed Chair Powell testimony is expected tomorrow at 15:00 UTC. United States EIA Short-Term Energy Outlook scheduled to come out tomorrow at 17:00 UTC.
The commodity has been trending lower for about a month. So far this year, Silver has declined 12.35% while touching highs around $26.89 earlier this year.
