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April 15, 2023
Yesterday at a glance: after a mostly steady day, Silver lost 1.77% deep into the session, ending up at $25.46 per troy ounce.
Following a previous reading of 0%, Core Retail Sales in United States released yesterday at 12:30 UTC fell short of the -0.3% figure expected by analysts with an actual reading of -0.8%. Following a previous reading of -0.2%, Retail Sales in United States released yesterday at 12:30 UTC fell short of the -0.4% figure expected by analysts with an actual reading of -1%.
While price action maintains a negative bias, United States CFTC S&P 500 speculative net positions released yesterday at 20:30 UTC with a figure of -307,600, while the previous figure was -321,500.
Silver made an initial break below its 5 day Simple Moving Average at $25.36, a possible indication of a forthcoming negative trend. On the other hand, note that CME Silver could begin to recover as it approaches significant support, now 37 cents away from $25.1. Dipping below could be an indication that further losses are ahead.
Several technical indicators are adding weight to the bearish momentum seen yesterday and forecasting CME Silver to extend its recent losses.
The CME Silver future's value drop coincided with the fact that after ending yesterday's session at $2,055.3, Gold lost $37.6 and is trading around $2,017.7. Platinum slumps 0.66% yesterday and closed at $1,065.5.
The commodity has been trending positively for about a month. The past 6 months have been positive for the CME Silver future as it appreciated 40.17%, having traded as low as $17.67.
