Silver is on an 8 day uptrend — Now turning against its recent performance, after closing at $21.5 yesterday, Silver opened today at $21.43, to be greeted by bearish sentiment that overshadowing today's price action. Irrespective of the bearish mood, Silver retains a distinct $21.2 to $21.7 daily range.
New United States Crude Oil Inventories improved upon the previous -3.12 million figure while also exceeding analyst expectations with a reading of 3.92 million.
On the flip side, United States Crude Oil Inventories beat analyst expectations of 1.36 million and the previous reading of -3.12 million with new data of 3.92 million.
Amid the market gloom, United States 10-Year Note Auction released today at 18:00 UTC with a figure of 4.14, while the previous figure was 3.93. United States Cushing Crude Oil Inventories came out at -923,000.
Silver made an initial break below its 200 day Simple Moving Average at $21.25, a possible indication of a forthcoming negative trend. CME Silver's upper Bollinger Band® is at $21.4 which indicates a further downward move may follow. On the other hand, note that Silver could begin to recover as it approaches significant support, now 55 cents away from $20.81. Dipping below could be an indication that further losses are ahead.
In general, examining the technical analysis landscape, although indicators are mixed further drawbacks may be next for CME Silver.
Taking a look at other Metals commodities, negative performances are evident as Palladium is trading around $1,878.5 (down $75). Platinum descends 1.62% to trade around $998.1.
Furthermore, United States Consumer Price Index figure is projected at 0.6%. It previously stood at 0.4%; data will be released tomorrow at 13:30 UTC. United States Core Consumer Prices is expected tomorrow at 13:30 UTC. United States Consumer Price Index is expected tomorrow at 13:30 UTC.
Having set a significant high of $26.89 2 months ago, Silver is trading 21.69% lower.