After closing the previous trading day at $19.07, the CME Silver future went up to $19.68 only to drop back; still positive overall today, now trading at $19.16 per troy ounce.
After reaching the known resistance zone beginning at $19.63, Silver price action retreated approximately 47 cents. Although up today, early price action saw the CME Silver future dropping below its 21 day Simple Moving Average at $19.22 — an early indicator that a new downward trend could be emerging.
Overall, looking at the technical analysis landscape, it seems the CME Silver future is likely to reverse course and start pointing down in the short term.
While CME Silver is higher so far today, these Metals commodities are underperforming: Copper closed at $3.45 (down 0.76%). Platinum descends 0.56% to trade around $949.3.
Also worthy of note, projections for United States Consumer Confidence are set for a continuation of decline with 106.5 while previous data was 108; data will be released tomorrow at 14:00 UTC.
CME Silver is now trading 29.08% below the significant high of $26.89 it set around 7 months ago.