Silver Picks up a Bid Going into $22 per ounce

The spot silver futures contract is picking up a bid heading into $22 per ounce as the Friday trade session begins in Asia. The white metal is consolidating losses around a multi-day low price point. Also, the spot contract has ended two days of losses in a row.

The United Kingdom will release their monthly gross domestic product (GDP) as well as month to month industrial production data and their monthly trade balance. The economic calendar for the United States will feature their monthly core and headline consumer price indices.

Baker Hughes will publish weekly crude oil inventory data. The University of Michigan will release their monthly consumer sentiment and consumer expectation surveys.

The euro area has no top tier economic data scheduled for publication. There are some European Central Bank members who are scheduled to speak on Friday. Germany, the European Union’s largest economy, will publish their monthly consumer price index (CPI).

Daily Spot Silver Technical Analysis

Looking at the above four hour MT 4 price action chart, the spot silver futures contract did hit a new yearly low price point on 30 September. The relative strength index (RSI) looks oversold, as well.

There is a falling trend line from early November around $21.80 per ounce limiting losses.

With that said, while the spot silver futures contract remains below the 3 November low price level at $23 per ounce, a strong recovery will be hard to ascertain.

The fifty (50) day simple moving average lines up around $22.45 per ounce. The 61.8 percent Fibonacci level is in play near $22.95 per ounce.

On the downside, immediate technical support lines up at $21.80. A daily close below this level opens the door to challenge the September low price point in play at $21.40 per ounce.

This is also the 2021 low price level. The next support level is the key psychological barrier at $22 per ounce.