While Silver in the midst of a 3 day downtrend, Today's positive session could indicate a brief correction amid a broader downtrend, or, the start of a potential reversal. Silver posts light gains on a low-volatility day, ranging between $25.29 – $25.71 and is now at $25.56 per troy ounce.
Silver broke through the $25.46 resistance, climbing 10 cents above it. The CME Silver future made an initial breakout above its 5 day Simple Moving Average at $25.46, a potential indicator of a newly emerging bullish phase.
Following today's unexpected gains, extensive multifactorial technical analysis forecasts CME Silver to buck against its prevailing downtrend and begin to turn higher in the short term. With all probabilities considered, the CME Silver is expected to pick up significant bullish sentiment in the coming days.
A look at other Metals also shows upside as Platinum goes up 0.72% to trade around $1,061.6.
At the same time, Copper closed at $4.08 (down 0.52%).
Furthermore, the market is looking at United States Building Permits (Mar) will be released tomorrow at 12:30 UTC.
The commodity has been trending positively for about a month. The past 6 months have been positive for Silver as it appreciated 38.77%, having traded as low as $17.67.