CME Silver eyes United States Pending Home Sales today at 14:00 UTC, trades at $24.86

Although Silver ended yesterday strong and rose from $25.07 to $25.21, it dropped back today and is now priced at $24.86 per troy ounce.

• Pending Home Sales data from United States will be released today at 14:00 UTC with analysts expecting a decline to 0.5%. Potentially significant price fluctuations in the CME Silver future are expected to follow.
• Today's losses are adding to a 12 day bearish run, during which Silver lost 89.4 cents of its value.

Earlier data releases related to the CME Silver future – United States GDP published today at 12:30 UTC came out at 1.1, falling short of the two projections and continuing its decline from the previous 2.6 figure. United States Initial Jobless Claims beat analyst expectations of 248,000 and the previous reading of 246,000 with new data of 230,000.

Here is the technical analysis of Silver before macro data is released:

Despite being in the red so far in the current trading session, Silver peaked above its 21 day Simple Moving Average around $25.1 — typically an early indicator of a new bullish trend beginning to emerge. CME Silver's lower Bollinger Band® is at $24.71, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. The CME Silver future could begin to recover as it approaches significant support, now 13 cents away from $24.73. Dipping below could be an indication that further losses are ahead.

Technical analysis indicates that Silver (currently on a downtrend) might reverse course and start pointing upward in the short term.

Coming up for CME Silver — today at 14:00 UTC data for United States Pending Home Sales will be released, with an expected decline to 0.5% from the preceding figure of 0.8%. United States Core PCE Price Index (MoM) (Mar) is scheduled for tomorrow at 12:30 UTC.

As the markets get ready for more data to be released — after ending yesterday's session at $1,508.4, Palladium lost $42.4 and is trading around $1,466. After ending yesterday's session at $1,106, Platinum lost $13.4 and is trading around $1,092.6. Copper slumps 0.64% to trade around $3.83.

The CME Silver future reached a significant high of $25.96 around 14 days ago but has lost 3.44% since then.