Looking at the spot silver futures contract, the white metal is trading slightly higher during the Asian trade session at $28.24/5 per ounce. This is near a three month high price point.
There is some good news on the front. The European Union and the United States have agreed to start discussing how to roll back Trump era steel tariffs and other trade tariffs. There are some concerns between the United Kingdom and European Union over fisheries which is dampening market sentiment. This could benefit the spot silver contract.
The economic calendar is busy today. The United Kingdom is publishing labor data. These labor figures include their monthly unemployment rate and claimant count change. The UK will also publish their average (3 month) hourly earnings.
The United States is releasing monthly housing starts data as well as monthly building permits. The European Union is releasing their initial quarterly flash gross domestic product data. The euro area will also publish monthly trade balance data and Italy will also release monthly trade data.
Daily Spot Silver Technical Analysis
Looking at price action on the above daily MT 4 price action chart, the spot silver futures contract inched lower after successfully challenging and moving above the $27.95 to 27.85 congestion zone. This is now a downside support area. Immediate upside resistance lines up at $28.35 per ounce.
The 14 day MACD histogram is flashing a mildly bullish signal for silver. Price action is also trading above a rising trend line in play since 31 March. The next upside barrier comes into play at $29 per ounce with the one year high price point coming into play at $30 per ounce.
On the downside, there is technical support at $27.85 per ounce with the round $27 per ounce number then coming into play. The 21 day simple moving average lines up at $26.80 per ounce.