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April 22, 2023
A quick look at yesterday: CME Silver slid down from $25.37 to $25.16 per troy ounce, taking a 21.8 cents loss (0.86%)
While price action maintains a negative bias, United States Services PMI released yesterday at 13:45 UTC with a figure of 53.7, while the previous figure was 52.6. Fresh CFTC Crude Oil speculative net positions data from United States came out at 244,600. United States CFTC Gold speculative net positions released yesterday at 20:30 UTC with a figure of 189,900, while the previous figure was 192,700.
Silver made an initial break below its 10 day Simple Moving Average at $25.34, a possible indication of a forthcoming negative trend. On the other hand, note that the CME Silver future could begin to recover as it approaches significant support, now 24 cents away from $24.92. 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.
Silver's value drop coincided with the fact that after ending yesterday's session at $2,019, Gold lost $25 and is trading around $1,994. After ending yesterday's session at $4.03, Copper lost 2.55 cents and is trading around $4.
Positive performances can be seen by looking at other Metals markets as Platinum soars 3.04% yesterday and closed at $1,107.6.
The commodity has been trending positively for about a month. Approximately 9 days ago, Silver reached a significant high of $25.96 but has struggled to hold onto its gains and declined 2.28% since then.
