CME Silver rallies 11.4 cents (0.47%) deep into the session, trading at $24.35 per troy ounce.
- United States ISM Manufacturing PMI (Dec) is next today at 15:00 UTC.
- Today's gains are adding to CME Silver's a 5 day bullish trend, during which it gained a total of 39.6 cents.
Earlier data releases related to Silver – United States Manufacturing PMI came out at 46.2, while a consensus of analysts was expecting 46.2.
Technical analysis of CME Silver before data is released:
Although up today, early price action saw Silver dropping below its 3 day Simple Moving Average at $24.25 — an early indicator that a new downward trend could be emerging. A Bearish Harami chart pattern, which is a means of predicting reversals in bull markets. When a Bearish Harami is detected at the top of a prevailing uptrend, it is typically considered a bearish signal and a prelude to a potential trend reversal. Bollinger Band® analysis indicates that current price action is approaching the upper band at $24.66, thereby suggesting that Silver is becoming overvalued. The CME Silver future could be slowing down soon; it is getting close to the resistance line and is now at $24.64, only 29 cents away. Crossing the resistance line could, however, suggest that further gains are ahead.
Technical analysis suggests there could be an imminent reversal for Silver.
Coming up for CME Silver — United States Crude Oil Inventories is projected to outperform its last figure with 2.23 million. It previously stood at 718,000; data will be released tomorrow at 16:00 UTC. United States ADP Nonfarm Employment Change (Dec) scheduled to come out tomorrow at 13:15 UTC.
As the markets get ready for more data to be released — Gold goes up 0.81% to trade around $1,861. Copper is down 4.1 cents from the beginning of the session and now trades around $3.73. Palladium is up 1.69%.
4 months ago, the CME Silver future fell to a low of $17.67 but has since recovered 37.16%.