CME Silver is down to $21.93 per troy ounce, after ending Friday at $22.07. Overall, a 0.63% loss or 14 cents today.
Trend and momentum analysis indicates 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 momentum evaluation, the Relative Strength Index indicates the CME Silver future is in an oversold condition, which could precipitate a reversal and set up a new bullish phase. Analysis based on the asset volatility indicates that Bollinger Bands® shows an indication of recovery: the lower band is at $21.53, a low enough level to, generally, suggest that Silver is trading below its fair value.
All in all, the technical analysis suggests CME Silver has no clear-cut direction.
In the meantime, negative performances are also seen in other Metals as Platinum decreases 0.34% to trade around $948.6.
Positive performances can be seen by looking at other Metals markets as having closed the previous session at $1,862.8, Gold is up 0.6% today to currently trade at around $1,874.
Furthermore, United States Consumer Price Index is expected tomorrow at 13:30 UTC. United States Consumer Price Index figure is projected at 6.2%. It previously stood at 6.5%; data will be released tomorrow at 13:30 UTC. United States Core Consumer Prices is expected tomorrow at 13:30 UTC.
So far this year, Silver has declined 9.26% while touching highs around $26.89 earlier this year.