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June 20, 2023
The CME Silver future is grinding lower from $24.13 to $23.59 per troy ounce, shedding 54.1 cents (2.24%) today.
The CME Silver future is currently trading at $23.59 following the release of Building Permits (May) data from the United States.
While price action maintains a negative bias, United States Building Permits (May) came out at 1.49 million, while a consensus of analysts was expecting 1.43 million. United States Housing Starts beat analyst expectations of -0.8% and the previous reading of -2.9% with new data of 21.7%. United States Housing Starts (May) released today at 12:30 UTC with a figure of 1.63 million, while the previous figure was 1.34 million.
Technical chart analysis shows Silver could begin to recover as it approaches significant support, now 32 cents away from $23.91. Dipping below could be an indication that further losses are ahead. Trend-following investors would be interested to note that CME Silver made an initial break below its 21 day Simple Moving Average at $23.85, a possible indication of a forthcoming negative trend. Price action pushed below a known Fibonacci support level at $23.67 by around 8.0001 cents with prices hammering out a $23.57 – $24.26 range by session close. According to asset volatility analysis, Bollinger Bands® shows an indication of recovery: the lower band is at $23.23, a low enough level to, generally, suggest that the CME Silver future is trading below its fair value.
Overall, the technical outlook suggests the CME Silver future is likely to remain muted for the immediate future, with no clear-cut direction.
Taking a look at other Metals commodities, negative performances are evident as Platinum is down to $967.7, losing $24.3, after closing at $992 in the preceding trading session. Gold draws back 0.88% to trade around $1,953.8. Palladium is trading around $1,392 (down $24.2).
Furthermore, United States Fed Chair Powell testimony scheduled to come out tomorrow at 14:00 UTC. United States Fed Governor Jefferson testimony is scheduled for tomorrow at 14:00 UTC.
Silver has fallen back around 8.44% over the past a month, from a notable high of $26.35.
