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June 04, 2023
Friday at a glance: after a mostly steady day, CME Silver lost 30.5 cents late into the session and closed at $23.7 per troy ounce.
Silver could begin to recover as it approaches significant support, now 16 cents away from $23.53. Dipping below could be an indication that further losses are ahead. Despite being in the red so far in the current trading session, the CME Silver future peaked above its 21 day Simple Moving Average around $24 — typically an early indicator of a new bullish trend beginning to emerge. Despite this, a Bearish Harami chart pattern, which is a means of predicting reversals in bull markets. When a Bearish Harami is detected at the top of a prevailing uptrend, it is typically considered a bearish signal and a prelude to a potential trend reversal.
Overall, looking at the technical analysis landscape, it seems the CME Silver future might start pointing upward in the short term.
The CME Silver future's value drop coincided with the fact that after ending Friday's session at $1,995.5, Gold lost $31.2 and is trading around $1,964.3.
Though CME Silver has been dropping, other Metals have been performing better: Palladium is trading around $1,421 after ending Friday's session at $1,390.7 (up 2.18% today). Copper is trading around $3.73 after ending Friday's session at $3.71 (up 0.59% today).
Furthermore, United States Services PMI figure is projected at 55.1. It previously stood at 53.6; data will be released tomorrow at 13:45 UTC. United States ISM Non-Manufacturing PMI (May) is scheduled for tomorrow at 14:00 UTC.
Approximately a month ago, CME Silver reached a significant high of $26.35 but has struggled to hold onto its gains and declined 8.97% since then.
