End of rally? After three days of gains, CME Silver is down 4.5 cents today

Silver is grinding lower from $23.36 to $23.32 per troy ounce, shedding 4.5 cents (0.19%) today.

Consumer Confidence data from United States will be released today at 14:00 UTC with analysts expecting a decline to 99. Potentially significant price fluctuations in CME Silver are expected to follow.

Silver could begin to recover as it approaches significant support, now 13 cents away from $23.18. Dipping below could be an indication that further losses are ahead. Despite being in the red so far in the current trading session, CME Silver peaked above its 5 day Simple Moving Average around $23.29 — typically an early indicator of a new bullish trend beginning to emerge.

Despite suffering losses in today's session, technical analysis is indicating that Silver will undergo a significant bounce in the immediate term.

In the meantime, negative performances are also seen in other Metals as Copper closed at $3.67 (down 0.42%).

Positive performances can be seen by looking at other Metals markets as Platinum is up 0.89%. Gold climbs 0.17% to trade around $1,966.4.

Looking ahead, ongoing depreciation may be prolonged as United States Consumer Confidence expected to decline to 99 while its preceding data was 101.3, data will be available today at 14:00 UTC.

Furthermore, United States JOLTs Job Openings (Apr) scheduled to come out tomorrow at 14:00 UTC.

Having soared to a high of $26.35 approximately 26 days ago, CME Silver is now trading 11.35% lower.