CME Silver improves slightly to $25.42 ahead of United States Existing Home Sales (Mar)

After dipping down to $25.16, Silver regains earlier losses and goes up to $25.42 per troy ounce.

• United States Existing Home Sales (Mar) is next today at 14:00 UTC.
• Today's session seems to be pointing upwards and is building on the CME Silver future's 3 days of gains (+34.0999 cents).

Earlier data releases related to Silver – United States Philadelphia Fed Manufacturing Index (Apr) released today at 12:30 UTC with a figure of -31.3, while the previous figure was -23.2. Following a previous reading of 240,000, Initial Jobless Claims in United States released today at 12:30 UTC fell short of the 240,000 figure expected by analysts with an actual reading of 245,000.

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

Silver could be slowing down soon as it approaches resistance at $25.64. Of course, crossing it might suggest further gains are ahead. Although up today, early price action saw the CME Silver future dropping below its 10 day Simple Moving Average at $25.31 — an early indicator that a new downward trend could be emerging.

Despite basking in an uptrend and bullish intraday sentiment, chart analysis indicates Silver is set for a reversal in the coming days.

Coming up for the CME Silver future — United States Existing Home Sales (Mar) scheduled to come out today at 14:00 UTC.

As the markets get ready for more data to be released — Gold gained 0.45% and is currently trading at $2,016.3. After ending yesterday's session at $4.08, Copper lost 2.05 cents and is trading around $4.06.

The commodity has been trending positively for about a month. The CME Silver future is now trading 2.29% below the significant high of $25.96 it set around 7 days ago.