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May 02, 20235 days of flat trading were interrupted with a selloff, Today's session suggests a further slowdown — CME Silver is down to $25.11 per troy ounce, after ending yesterday at $25.23. Overall, a 0.5% loss or 12.5 cents today.
United States JOLTs Job Openings (Mar) is next today at 14:00 UTC.
Meanwhile, United States ISM Manufacturing PMI (Apr) released yesterday at 14:00 UTC with a figure of 47.1, while the previous figure was 46.3. United States ISM Manufacturing Prices (Apr) came out at 53.2, while a consensus of analysts was expecting 49. United States ISM Manufacturing Employment (Apr) came out at 50.2, while a consensus of analysts was expecting 47.9.
Bollinger Bands® shows an indication of recovery: the lower band is at $24.81, a low enough level to, generally, suggest that Silver is trading below its fair value.
Overall, looking at the technical analysis landscape, it seems CME Silver might start pointing upward in the short term.
Taking a look at other Metals commodities, negative performances are evident as Platinum is down to $1,061.2, losing $3.5, after closing at $1,064.7 in the preceding trading session.
Though Silver has been dropping, other Metals have been performing better: having closed the previous session at $1,446.8, Palladium is up 0.88% today to currently trade at around $1,459.5.
Some optimism can drawn from the fact that United States Crude Oil Inventories is projected to outperform its last figure with -1,000,000, having previously been at -5 million. The figure will be published tomorrow at 14:30 UTC.
Furthermore, United States Interest Rate figure is projected at 5.25. It previously stood at five; data will be released tomorrow at 18:00 UTC. United States ADP Nonfarm Employment Change (Apr) will be released tomorrow at 12:15 UTC.
19 days ago the CME Silver future reached a significant high of $25.96 but has consequently lost 2.83% since then.
