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May 11, 2023
CME Silver drops from $25.66 to $24.57 per troy ounce, losing $1.09 (4.24%) today.
United States Producer Price Index didn't cause a noticeable effect even though it falls short expectations with 0.2%.
United States Producer Price Index released earlier showed a marked improvement to 0.2% from the preceding data of -0.4%, but fell short of the 0.3% figure forecast by a consensus of market analysts. Initial Jobless Claims in United States fell short of market expectations (245,000) with a reading of 264,000, continuing the decline from the previous figure of 242,000.
On the flip side, United States Crude Oil Inventories beat analyst expectations of -917,000 and the previous reading of -1.28 million with new data of 2.95 million.
Silver pushed below the $25.32 support level and extended 75 cents beyond it. CME Silver made an initial break below its 21 day Simple Moving Average at $25.45, a possible indication of a forthcoming negative trend. A crossing of the lower Bollinger Band® at $24.62 suggests further losses may follow for CME Silver.
In the short term, CME Silver is expected to maintain its recent downtrend and continue spiralling lower.
In the meantime, negative performances are also seen in other Metals as after ending yesterday's session at $3.84, Copper lost 13.85 cents and is trading around $3.7. Platinum is down to $1,105, losing $14, after closing at $1,119 in the preceding trading session. Gold withdraws 0.58% to trade around $2,025.3.
7 days ago CME Silver reached a significant high of $26.35 but has consequently lost 2.63% since then.
