Slightly weaker but mostly flat: CME Silver is currently trading at $24.23 per troy ounce as it maintains an active range between $24.05 and $24.67.
While price action maintains a negative bias, United States NY Empire State Manufacturing Index (Jan) came out at -32.9, while a consensus of analysts was expecting -8.7.
Silver made an initial break below its 5 day Simple Moving Average at $24.15, a possible indication of a forthcoming negative trend. CME Silver's upper Bollinger Band® is at $24.61 which indicates a further downward move may follow. On the other hand, note that the CME Silver future could begin to recover as it approaches significant support, now 9 cents away from $24.14. Dipping below could be an indication that further losses are ahead.
Following today's unexpected losses, extensive multifactorial technical analysis forecasts the CME Silver future to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the the CME Silver future is expected to attract significant bearish sentiment in the coming days.
In the meantime, negative performances are also seen in other Metals as Palladium closed at $1,729.5 (down 3.23%). Platinum is trading around $1,061 (down $11.5). Copper is down 1.95 cents from the beginning of the session and now trades around $4.2.
Looking ahead, ongoing depreciation may be prolonged as United States Producer Price Index projected to decline to -0.1% while previous data was 0.3%; data will be released tomorrow at 13:30 UTC. Tomorrow at 13:30 UTC data for United States Core Retail Sales will be released, with an expected decline to -0.4% from the preceding figure of -0.2%. Projections for United States Retail Sales are set for a continuation of decline with -0.8% while previous data was -0.6%; data will be released tomorrow at 13:30 UTC.
CME Silver now trading 33.55% above its 3-month low of $17.67.