The sentiment that generated $5.04 in cumulative gains over the past 12 days was further evident for the CME Silver future. Consistent for now — after closing at $25.04 yesterday, Silver began today at $25.09 with significant bullish sentiment driving Silver's price action higher. So far today, price action has drawn out a distinct $24.7 to $25.18 range.
United States Initial Jobless Claims didn't cause a noticeable effect even though it falls short expectations with 228,000.
On the flip side, United States Initial Jobless Claims released earlier showed a marked improvement to 228,000 from the preceding data of 246,000, but fell short of the 200,000 figure forecast by a consensus of market analysts. United States Crude Oil Inventories released earlier showed a marked improvement to -3.74 million from the preceding data of -7.49 million, but fell short of the -2.33 million figure forecast by a consensus of market analysts.
At the same time, United States ISM Non-Manufacturing PMI (Mar) came out at 51.2, while a consensus of analysts was expecting 54.5.
Analysis of the CME Silver future's recent price action suggests Silver is 23 cents away from testing key resistance at $25.33. Peaking above this level could inspire market bulls and open the path to further gains. Concerning technical analysis and more specifically, trend indicators, despite posting gains so far today, CME Silver slid below its 3 day Simple Moving Average at $24.8 in earlier trade — an early indicator that a negative trend could be emerging. Japanese candlestick formations show 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. According to momentum evaluation, the Relative Strength Index indicates CME Silver is in an overbought condition.
Overall, while Silver has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
A look at other Metals also shows upside as Palladium is up 1.59%. Platinum is up 0.91%.
Furthermore, the market is looking at projections for United States Non Farm Payrolls are set for a continuation of decline with 239,000 while previous data was 311,000; data will be released tomorrow at 12:30 UTC.
Elsewhere, United States Unemployment Rate is expected tomorrow at 12:30 UTC.
The commodity has been trending positively for about 29 days. CME Silver is up 41.69% from the significant low of $17.67 it hit 7 months ago.