Muted session threatens to disturb Silver's ongoing uptrend

Stable at $24.05 and still trending upwards, Today's session might suggest a slow down — without a clear-cut direction, Silver is trading around $24.05 per troy ounce and ranging between $24.03 and $24.11.

This uncertain state for CME Silver is reflected by published market data as United States ISM Manufacturing PMI (Mar) came out at 46.3, while a consensus of analysts was expecting 47.5. United States ISM Manufacturing Employment (Mar) released yesterday at 14:00 UTC with a figure of 46.9, while the previous figure was 49.1. United States ISM Manufacturing Prices (Mar) released yesterday at 14:00 UTC with a figure of 49.2, while the previous figure was 51.3.

Silver made an initial break below its 3 day Simple Moving Average at $24.05, a possible indication of a forthcoming negative trend. Silver's upper Bollinger Band® is at $24.57, suggesting that a downward move may follow. Despite this, the CME Silver future is climbing away and is now 27 cents from the $23.78 support line.

Although price action remains in a stalemate, technical analysis suggests CME Silver could be primed for a break to the downside.

Moreover, United States Crude Oil Inventories is projected to outperform its last figure with -1.8 million. It previously stood at -7.49 million; data will be released tomorrow at 14:30 UTC. United States ADP Nonfarm Employment Change (Mar) will be released tomorrow at 12:15 UTC. United States JOLTs Job Openings (Feb) is scheduled for today at 14:00 UTC.

CME Silver is up 35.94% from the significant low of $17.67 it hit 7 months ago.