Continuing its four day losing streak, Silver further drops by 1.2% to close at $24.13

A quick look at yesterday: Silver retained its composure around the $24.13 per troy ounce level after dropping 1.2%.

Meanwhile, United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 216,600, while the previous figure was 214,800. Fresh CFTC Gold speculative net positions data from United States came out at 195,800. United States CFTC Nasdaq 100 speculative net positions came out at 21,400.

Silver made an initial break below its 50 day Simple Moving Average at $24, a possible indication of a forthcoming negative trend. In contrast, Silver could begin to recover as it approaches significant support, now 24 cents away from $23.89. Dipping below could be an indication that further losses are ahead. Bollinger Bands® shows an indication of recovery: the lower band is at $24.12, a low enough level to, generally, suggest that CME Silver is trading below its fair value.

Overall, looking at the technical analysis landscape, it seems that although indicators are mixed and some are pointing in different directions further drawbacks may be next for CME Silver.

Silver's value drop coincided with the fact that after ending yesterday's session at $1,105, Platinum lost $47 and is trading around $1,058. Palladium is down to $1,503.5, losing $50.5, after ending the previous session around $1,554. Gold lost 0.24% yesterday and closed at $2,020.5.

CME Silver has fallen back around 7.31% from the significant high of $26.35 set 9 days ago.