CME Silver is down to $23.46 per troy ounce, after ending yesterday at $23.61. Overall, a 0.66% loss or 15.5 cents today.
Non Farm Payrolls data from United States will be released today at 13:30 UTC with analysts expecting a decline to 185,000. Potentially significant price fluctuations in Silver are expected to follow.
On the flip side, United States Initial Jobless Claims beat analyst expectations of 200,000 and the previous reading of 186,000 with new data of 183,000.
Amid the market gloom, United States Factory Orders released earlier showed a marked improvement to 1.8% from the preceding data of -1.9%, but fell short of the 2.3% figure forecast by a consensus of market analysts. United States Unit Labor Costs (QoQ) (Q4) released yesterday at 13:30 UTC with a figure of 1.1, while the previous figure was two.
Technical analysis trend indicators suggest that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. According to asset volatility analysis, Bollinger Bands® shows an indication of recovery: the lower band is at $23.3, a low enough level to, generally, suggest that CME Silver is trading below its fair value.
Overall, the technical outlook suggests Silver is likely to remain muted for the immediate future, with no clear-cut direction.
Taking a look at other Metals commodities, negative performances are evident as Gold is down to $1,926.6, losing $4.2, after closing at $1,930.8 in the preceding trading session.
Positive performances can be seen by looking at other Metals markets as Palladium gained 1.09% and is now trading at $1,660.5. Copper added 0.49% to its value, now trading at $4.11.
Looking ahead, ongoing depreciation may be prolonged as projections for United States Non Farm Payrolls are set for a continuation of decline with 185,000 while previous data was 223,000; data will be released today at 13:30 UTC. Today at 13:30 UTC data for United States Unemployment Rate will be released, with an expected decline to 3.6 from the preceding figure of 3.5.
Furthermore, United States ISM Non-Manufacturing PMI (Jan) is expected today at 15:00 UTC.
Trading mostly sideways for a month. CME Silver now trading 20.48% above its 3-month low of $17.67.