After hitting its highest point in 7 months at $23.14, Silver dropped by 49 cents and is now trading at $22.66.
United States Unemployment Rate is next today at 14:56 UTC.
Nonetheless, encouraging indicators for the CME Silver future published earlier when United States Non Farm Payrolls released today at 13:30 UTC is better than expected at 263,000 but down from preceding data of 284,000 according to new data.
While price action maintains a negative bias, new United States Unemployment Rate data was unchanged from the previous month and matched analyst projections of a reading of 3.7. United States ISM Manufacturing PMI (Nov) came out at 49, while a consensus of analysts was expecting 49.8.
Technical analysis of CME Silver's past price action reveals multiple support and resistance levels: Silver could begin to recover as it approaches significant support, now 27 cents away from $22.39. Dipping below could be an indication that further losses are ahead. Trend-focused traders would be interested to note that investors are seeking long positions as the CME Silver future price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. Asset volatility analysis shows that CME Silver's upper Bollinger Band® is at $22.56 which indicates a further downward move may follow.
Overall, while the CME Silver future 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 Platinum is down to $1,015.5, losing $39.5, after closing at $1,055 in the preceding trading session. Gold is trading around $1,797.4 (down $17.8). Palladium closed at $1,880.5 (down 3.38%).
Furthermore, United States Unemployment Rate is expected today at 14:56 UTC.
The past 3 months have been positive for CME Silver as it added 29.26% compared to its 3-month low of $17.67.