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March 11, 2023
Yesterday at a glance: the CME Silver future ended Thursday at $20.16. yesterday it went up to $20.88 only to drop back, yet still managed to close at $20.61 per troy ounce.
Silver upside coincides with further encouraging market factors as United States Non Farm Payrolls released yesterday at 13:30 UTC is better than expected at 311,000 but down from preceding data of 504,000 according to new data.
On the flip side, United States Unemployment Rate fell short of the 3.4 projections, with new data of 3.6.
Meanwhile, United States CFTC Gold speculative net positions released yesterday at 20:30 UTC with a figure of 107,100, while the previous figure was 128,800.
Silver made an initial breakout above its 10 day Simple Moving Average at $20.8, a potential indicator of a newly emerging bullish phase. On the other hand, note that CME Silver could be slowing down soon; it is getting close to the resistance line and is now at $21, only 39 cents away. Crossing the resistance line could, however, suggest that further gains are ahead.
Overall, looking at the technical analysis landscape, it seems Silver might continue pointing upwards in the short term.
Rallies can also be seen in other Metals, Gold is trading around $1,872.7 after ending yesterday's session at $1,834.6 (up 2.08% today). Platinum goes up 1.46% yesterday and closed at $949.3.
Meanwhile, Copper lost 0.79% yesterday and closed at $4.04.
The commodity has been trending lower for about a month. The current year has not been the best for the CME Silver future as it lost 15.66% from its highest point of $26.25.
