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May 23, 2023
The CME Silver future is down to $23.47 per troy ounce, after ending yesterday at $23.86. Overall, a 1.64% loss or 39.1 cents today.
United States Building Permits is next today at 12:00 UTC.
Silver's lower Bollinger Band® is at $22.9, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
Despite suffering losses in today's session, technical analysis is indicating that the CME Silver future will undergo a significant bounce in the immediate term.
In the meantime, negative performances are also seen in other Metals as Gold is down to $1,959.2, losing $18, after closing at $1,977.2 in the preceding trading session. Copper closed at $3.63 (down 1.41%). Palladium is down to $1,471.5, losing $20.7, after closing at $1,492.2 in the preceding trading session.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as projections for United States Crude Oil Inventories are set for a continuation of decline with -920,000 while previous data was 5 million; data will be released tomorrow at 14:30 UTC.
Furthermore, United States New Home Sales (Apr) scheduled to come out today at 14:00 UTC. United States Services PMI figure is projected at 52.6. It previously stood at 53.6; data will be released today at 13:45 UTC.
Over the past 19 days, the CME Silver future has retreated 9.45% from a noteworthy peak of $26.35.
