| 
May 18, 2023
CME Silver drops from $23.9 to $23.51 per troy ounce, losing 38.7 cents (1.62%) today.
The CME Silver future is currently trading at $23.51 following the release of Existing Home Sales (Apr) data from the United States.
On the flip side, United States Initial Jobless Claims beat analyst expectations of 254,000 and the previous reading of 264,000 with new data of 242,000.
Meanwhile, United States Existing Home Sales (Apr) came out at 4.28 million, while a consensus of analysts was expecting 4.3 million. United States Philadelphia Fed Manufacturing Index (May) released today at 12:30 UTC with a figure of -10.4, while the previous figure was -31.3.
Trend 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. Price action remains constrained around the key Fibonacci level of $23.69 currently serving as support. If price action breaks below, the next Fib hurdle is $23. Japanese candlestick formations show 'Bullish Harami' is a candlestick chart indicator used for detecting reversals in an existing bear trend. It is generally indicated by a small price increase that's contained within a broader downward price movement and is commonly associated with a bearish trend coming to an end. According to asset volatility analysis, the CME Silver future's lower Bollinger Band® is at $23.39, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. Technical chart analysis shows CME Silver could begin to recover as it approaches significant support, now 24 cents away from $23.75. Dipping below could be an indication that further losses are ahead.
All in all, the technical analysis suggests CME Silver has no clear-cut direction.
In the meantime, negative performances are also seen in other Metals as after ending yesterday's session at $1,985, Gold lost $28 and is trading around $1,957. Copper slips 1.52% to trade around $3.7. Platinum retreats 1.51% to trade around $1,066.3.
Furthermore, United States Fed Chair Powell speech is scheduled tomorrow at 15:00 UTC.
Having soared to a high of $26.35 approximately 14 days ago, CME Silver is now trading 9.31% lower.
