A quick look at yesterday: generally flat but with a slight bullish bias, CME Silver ranged between $25 and $25.35 before closing higher at $25.34 per troy ounce.
Meanwhile, United States Core PCE Price Index (MoM) (Mar) came out at 0.3, while a consensus of analysts was expecting 0.3. United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 236,400, while the previous figure was 244,600. United States CFTC Gold speculative net positions released yesterday at 20:30 UTC with a figure of 185,300, while the previous figure was 189,900.
Despite posting gains on yesterday, Silver slid below its 21 day Simple Moving Average at $25.14 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 $25.74, thereby suggesting that Silver is becoming overvalued. Silver could be slowing down soon as it approaches resistance at $25.45. Of course, crossing it might suggest further gains are ahead.
Despite basking in an uptrend and bullish intraday sentiment, chart analysis indicates CME Silver is set for a reversal in the coming days.
A look at other Metals also shows upside as Palladium went up by 0.71% yesterday, and closed at $1,503.
Meanwhile, Platinum lost 0.43% yesterday and closed at $1,093.2.
Approximately 16 days ago, Silver reached a significant high of $25.96 but has struggled to hold onto its gains and declined 2.91% since then.