| 
February 22, 2023
While the CME Silver future is on a 5 day bullish trend, Today's session might suggest a slow down — Silver is trading at $21.91 per troy ounce after closing the previous day at $21.89.
United States FOMC Meeting Minutes is next today at 19:00 UTC.
This uncertain state for Silver is reflected by published market data as United States Existing Home Sales (Jan) came out at 4 million, while a consensus of analysts was expecting 4 million. United States 2-Year Note Auction released yesterday at 18:00 UTC with a figure of 4.673, while the previous figure was 4.139. United States Existing Home Sales released earlier showed a marked improvement to -0.7% from the preceding data of -2.2%, but fell short of the 2% figure forecast by a consensus of market analysts.
Silver made an initial break below its 10 day Simple Moving Average at $21.79, a possible indication of a forthcoming negative trend. Despite this, Silver is currently alternating around $21.8 with price action moving above and below this key level throughout the session.
Despite the market lacking direction, technical chart analysis strongly suggests CME Silver is positioned for a downward move in the near term.
Meanwhile, mixed performances are seen in other Metals as Platinum gained 1.18% and is now trading at $959.8. Copper is down to $4.19, losing 3.4 cents, after closing at $4.23 in the preceding trading session.
Moreover, United States Crude Oil Inventories expected to decline to 1.17 million while its preceding data was 16.28 million, data will be available tomorrow at 16:00 UTC. United States Initial Jobless Claims projected to decline to 200,000 while previous data was 194,000; data will be released tomorrow at 13:30 UTC. United States GDP is expected tomorrow at 13:30 UTC.
The commodity has been trending lower for about a month. This year has been a gloomy one for the CME Silver future after trading as high as $26.89 and going on to lose 10.17% of its value.
