While Silver is on a 5 day bullish trend, Today's session might suggest a slow down — Silver recovers back to $23.73 per troy ounce after dipping down to $23.43 today, in a session that followed a closing value of $23.72.
Silver made an initial break below its 3 day Simple Moving Average at $23.51, a possible indication of a forthcoming negative trend. 'Bearish Harami' is a candlestick chart indicator used for detecting reversals within a prevailing bull trend. It is generally indicated by a small price decrease that's contained within a broader upward price movement and is commonly associated with a bullish trend coming to an end. Silver's upper Bollinger Band® is at $24.24, suggesting that a downward move may follow. In contrast, Silver is approaching key support, around 21 cents away from $23.52. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.
According to technical indicators, Silver is positioned for a downward move in the short term.
Meanwhile, mixed performances are seen in other Metals as Palladium closed at $1,926 (down 2.17%). Copper goes down 0.79% to trade around $3.85.
Moreover, United States Consumer Price Index figure is projected at 0.3%. It previously stood at 0.4%; data will be released tomorrow at 13:30 UTC. United States Consumer Price Index is expected tomorrow at 13:30 UTC. United States Core Consumer Prices is expected tomorrow at 13:30 UTC.
Having set a significant high of $26.89 3 months ago, CME Silver is trading 34.22% lower.