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February 25, 2023
After ending yesterday at $20.87 and losing 56.8 cents, it now trades below the $21 level for the first time in 2 months.
Amid the market gloom, United States New Home Sales (Jan) released yesterday at 15:00 UTC with a figure of 670,000, while the previous figure was 625,000. United States Core PCE Price Index (MoM) (Jan) came out at 0.6, while a consensus of analysts was expecting 0.4. Fresh CFTC S&P 500 speculative net positions data from United States came out at -222,300.
Silver made an initial break below its 200 day Simple Moving Average at $20.94, a possible indication of a forthcoming negative trend. Despite this, the CME Silver future could begin to recover as it approaches significant support, now 36 cents away from $20.51. Dipping below could be an indication that further losses are ahead. The CME Silver future's lower Bollinger Band® is at $20.92, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
Overall, looking at the technical analysis landscape, it seems that although indicators are mixed and some are pointing in different directions further drawbacks may be next for Silver.
Silver's value drop coincided with the fact that Platinum drops 3.82% yesterday and closed at $945.5. Copper lost 2.37% yesterday and closed at $4.06. Palladium decreases 1.73% yesterday and closed at $1,430.7.
The commodity has been trending lower for about a month. This year has been a gloomy one for CME Silver after trading as high as $26.89 and going on to lose 14.34% of its value.
