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June 15, 2023The CME Silver future weakened earlier in the day, before moving away from its $23.27 low and recovering back to $23.95 per troy ounce.
Silver is currently trading at $23.95 following the release of Initial Jobless Claims data from the United States.
New United States Initial Jobless Claims data fell short of the 250,000 projected by analysts with a reading of 262,000 while failing to improve upon the previous reading from last month (262,000).
On the flip side, United States Retail Sales released today at 12:30 UTC is better than expected at 0.3% but down from preceding data of 0.4% according to new data.
Meanwhile, United States Philadelphia Fed Manufacturing Index (Jun) came out at -13.7, while a consensus of analysts was expecting -13.5.
Silver made an initial break below its 21 day Simple Moving Average at $23.71, a possible indication of a forthcoming negative trend. Silver is currently flirting with an active Fibonacci support level around $23.67. CME Silver's upper Bollinger Band® is at $24.52 which indicates a further downward move may follow. In contrast, although the CME Silver future is down today and was as low as $23.27, it seems to be recovering slightly and climbing away from the $23.78 support line and is now 17 cents above it. 'Bullish Harami' is a candlestick chart indicator used for detecting reversals in an existing bear trend. It is generally indicated by a small price increase that's contained within a broader downward price movement and is commonly associated with a bearish trend coming to an end.
Looking forward, the CME Silver future is poised to extend its strong downtrend and continue declining.
Though Silver has been dropping, other Metals have been performing better: Platinum climbs 1.4% to trade around $998.1. Copper gained 0.54% and is now trading at $3.89.
Over the past a month, the CME Silver future has retreated 8.52% from a noteworthy peak of $26.35.
