For the first time in 2 months, Silver trades under the $23 level

CME Silver lost 31 cents and now trades below the $23 level for the first time in 2 months.

United States Pending Home Sales didn't cause a noticeable effect even though it falls short expectations with 0%.

Highly important Pending Home Sales data from United States beat analyst expectations of 0.5% with a reading of 0%.

Nonetheless, encouraging indicators for Silver published earlier when highly important GDP data from United States beat analyst expectations of 1.1 with a reading of 1.3. Data for United States Initial Jobless Claims released today at 12:30 UTC is better than expected with 229,000, but worse than previous figure of 225,000.

Support/Resistance levels obtained from chart analysis indicate that Silver could begin to recover as it approaches significant support, now 6 cents away from $23. Dipping below could be an indication that further losses are ahead. Trend and momentum analysis indicates that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. According to momentum evaluation, the RSI is a momentum oscillator that measures changing price movements on a scale of 0-100. In CME Silver's case, the index has fallen below 30, signalling that the asset is oversold. Analysis based on the asset volatility indicates that the CME Silver future's lower Bollinger Band® is at $22.48, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.

All in all, the technical analysis suggests Silver has no clear-cut direction.

Taking a look at other Metals commodities, negative performances are evident as Gold is trading around $1,945.7 (down $18.9).

Though CME Silver has been dropping, other Metals have been performing better: Palladium increases 2.35% to trade around $1,431. Copper moves up 0.69% to trade around $3.59.

With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as United States Core Durable Goods Orders projected to come out at 0% — worse than previous data of 0.2%; data will be released tomorrow at 12:30 UTC.

Furthermore, United States Core PCE Price Index (MoM) (Apr) scheduled to come out tomorrow at 12:30 UTC.

Having soared to a high of $26.35 approximately 21 days ago, CME Silver is now trading 11.8% lower.