Muted session threatens to disturb Silver's ongoing uptrend

Stable at $25.13 and still trending upwards, Thursday's session put the brakes on the ongoing uptrend — without a clear direction, the CME Silver future closed at $25.13 per troy ounce while ranging between $24.7 and $25.18.

This uncertain state for the CME Silver future is reflected by published market data as highly important Unemployment Rate data from United States beat analyst expectations of 3.6 with a reading of 3.5. United States Non Farm Payrolls fell short of the 239,000 projections, with new data of 236,000. United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 226,100, while the previous figure was 181,100.

A study of the CME Silver future's historical price actions shows Silver reversed direction at $24.78 support zone and climbed 35 cents above it. Concerning technical analysis and more specifically, trend indicators, CME Silver made an initial break below its 3 day Simple Moving Average at $24.8, a possible indication of a forthcoming negative trend. Momentum evaluation shows that according to technical analysis of the CME Silver future's Relative Strength Index (RSI), the market is currently overbought.

Overall, while CME Silver has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.

The commodity has been trending positively for about 29 days. CME Silver hit a significant low of $17.67 around 7 months ago, but has since recovered 42%.