The CME Silver future is down to $25.09 per troy ounce, after ending yesterday at $25.23. Overall, a 0.57% loss or 14.5 cents today.
Meanwhile, United States ISM Manufacturing PMI (Apr) came out at 47.1, while a consensus of analysts was expecting 46.8. United States ISM Manufacturing Prices (Apr) released yesterday at 14:00 UTC with a figure of 53.2, while the previous figure was 49.2. United States ISM Manufacturing Employment (Apr) released yesterday at 14:00 UTC with a figure of 50.2, while the previous figure was 46.9.
Bollinger Bands® shows an indication of recovery: the lower band is at $24.81, a low enough level to, generally, suggest that Silver is trading below its fair value.
Despite suffering losses in today's session, technical analysis is indicating that the CME Silver future will undergo a significant bounce in the immediate term.
Moreover, United States Crude Oil Inventories is projected to outperform its last figure with -1,000,000. It previously stood at -5 million; data will be released tomorrow at 14:30 UTC.
Furthermore, United States Interest Rate is expected tomorrow at 18:00 UTC. United States ADP Nonfarm Employment Change (Apr) will be released tomorrow at 12:15 UTC.
Approximately 19 days ago, the CME Silver future reached a significant high of $25.96 but has struggled to hold onto its gains and declined 2.83% since then.