CME Silver is down to $20.59 per troy ounce, after ending yesterday at $20.92. Overall, a 1.55% loss or 32.4 cents today.
Trend-following investors would be interested to note that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Asset volatility analysis shows that CME Silver's upper Bollinger Band® is at $20.69 which indicates a further downward move may follow.
Overall, while Silver has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
Taking a look at other Metals commodities, negative performances are evident as Copper slips 0.92% to trade around $3.57. Gold is down $8.2 from the beginning of the session and now trades around $1,672.3. Platinum is down to $985.5, losing $3.9, after closing at $989.4 in the preceding trading session.
Moreover, United States Crude Oil Inventories is projected to outperform its last figure with 1.1 million. It previously stood at -3.12 million; data will be released tomorrow at 15:30 UTC.
Furthermore, United States EIA Short-Term Energy Outlook will be released today at 17:00 UTC.
CME Silver hit a significant low of $17.67 around 2 months ago, but has since recovered 18.39%.