Looking at the spot silver futures contract and the above MT 4 daily chart, the spot contract’s recent recovery has now fizzled and price action is now consolidating at $24.295 per ounce.
Overnight, the silver contract fell from $24.33 per ounce to $24.22 per ounce.
The United States has some high impact data on Friday. He U.S. will publish their monthly core and headline retail sales data. The University of Michigan will publish monthly preliminary consumer sentiment and their inflation expectations gauge.
The world’s largest economy is also releasing monthly business inventory data. Canada is releasing their monthly manufacturing sales data and the United Kingdom has no economic data releases headed into the weekend.
The Eurozone is also releasing some economic data on Friday. The European Union will publish their final monthly consumer price index (CPI) and monthly trade balance data.
Daily Spot Silver Technical Analysis
Looking at the above spot silver price action chart, there is a bearish gravestone Doji chart formation, highlighted. Price action is also ignoring a bullish 14 day MACD histogram and trading below a downward sloping trend line in play from 1 September.
On the downside, the first layer of technical support lines up at the round $24 per ounce number with the one hundred (100) day simple moving average (SMA) then coming into focus at $22.90 per ounce. The monthly low price point at $22.85 per ounce then comes into focus.
The next downside barrier then lines up at $23.60 per ounce with the key layer of support at the round $23 per ounce then coming on the radar.
On the upside, the first layer of technical resistance lines up at the six week old resistance barrier in play at $24.65 per ounce. The next upside barrier then lines up at $25.55 per ounce.
The fifty (50) day simple moving average is at $25.80 per ounce with the rising trend line from 23 September at $25.90 per ounce coming into focus.