CME Silver has been losing ground for 9 days Today's positive session could indicate a brief correction amid a broader downtrend, or, the start of a potential reversal. Small gain for Silver at $24.26 per troy ounce after ranging between $24.05 and $24.39 today.
At the same time, United States NY Empire State Manufacturing Index (May) came out at -31.8, while a consensus of analysts was expecting -3.7.
Despite posting gains so far today, Silver slid below its 50 day Simple Moving Average at $24.14 in earlier trade — an early indicator that a negative trend could be emerging. Despite this, Silver's lower Bollinger Band® is at $24, indicating that the market is oversold and fertile for new buyers.
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 Platinum ascends 0.67% to trade around $1,074. Having closed the previous session at $1,513.8, Palladium is up 0.81% today to currently trade at around $1,526.
Moreover, macro data could boost sentiment further as United States Retail Sales is projected to outperform its last figure with 0.7%. It previously stood at -0.6%; data will be released tomorrow at 12:30 UTC. United States Core Retail Sales is projected to outperform its last figure with 0.4%. It previously stood at -0.4%; data will be released tomorrow at 12:30 UTC.
11 days ago the CME Silver future reached a significant high of $26.35 but has consequently lost 8.33% since then.