Silver is on a 5 day bullish run gaining 47.5 cents (2.58%). It was more of the same for Silver yesterday — after dipping down to $21.18, Silver regained earlier losses and ended up at $21.43 per troy ounce.
Silver could be slowing down soon as it approaches resistance at $21.64. Of course, crossing it might suggest further gains are ahead. Despite posting gains on yesterday, the CME Silver future slid below its 10 day Simple Moving Average at $21.31 during the last session — an early indicator that a negative trend could be emerging.
After posting consistent gains as part of its uptrend and being lifted by intraday sentiment, technical factors suggest CME Silver is set for a reversal in the coming days.
Rallies can also be seen in other Metals, notably, Gold rose 0.48% yesterday and closed at $1,745.6.
While Silver is appreciating, other Metals are comparatively not doing so well — after ending yesterday's session at $1,888, Palladium lost $57.2 and is trading around $1,830.8.
After hitting an important low of $17.67 approximately 2 months ago, the CME Silver future has bounced back 20.92% since.