Friday at a glance: CME Silver spiked to $20.91 per troy ounce, gaining $1.48.
Despite posting gains on Friday, Silver slid below its 3 day Simple Moving Average at $19.46 during the last session — an early indicator that a negative trend could be emerging. Bollinger Band® analysis indicates that current price action is approaching the upper band at $20.64, thereby suggesting that Silver is becoming overvalued. Silver could be slowing down soon as it approaches resistance at $21.36. Of course, crossing it might suggest further gains are ahead. In contrast, price action overcame a known Fibonacci resistance level at $19.59 by around $1.33 with prices hammering out a $19.43 – $20.96 session range.
Technical analysis of CME Silver price action suggests it is likely to undergo a short-term reversal amid broader bullish sentiment.
A look at other Metals also shows upside as Copper skyrockets 8% Friday and closed at $3.43. Gold went up by 3.36% Friday, and closed at $1,685.7. Notably, Platinum rose 4.72% Friday and closed at $924.1.
7 months ago CME Silver reached a significant high of $26.89 but has consequently lost 27.73% since then.