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June 29, 2023
As the current session draws to a close, CME Silver remains in the $22.3 – $22.91 range after dropping 1.36%.
United States's Pending Home Sales new data released of -2.7% below its previous figure.
Pending Home Sales in United States fell short of market expectations (-0.5%) with a reading of -2.7%, continuing the decline from the previous figure of -0.4%.
On the flip side, highly important GDP data from United States beat analyst expectations of 1.4 with a reading of two. United States Initial Jobless Claims came out at 239,000, better than analyst estimates of 266,000 and improving upon the previous reading of 265,000.
Although Silver is pointing down today (was as low as $22.3), it's climbing away from the $22.57 support line and is now 20 cents above it. Despite being in the red so far in the current trading session, Silver peaked above its 200 day Simple Moving Average around $23 — typically an early indicator of a new bullish trend beginning to emerge. On the other hand, note that a "bearish engulfing" pattern — a scenario when a larger red candle engulfs a smaller green candle, at the top of a prevailing uptrend. Typically this is a signal of lower prices in the near term.
Overall, looking at the technical analysis landscape, it seems CME Silver might start pointing upward in the short term.
Taking a look at other Metals commodities, negative performances are evident as Platinum closed at $904.5 (down 2.21%). After ending today's session at $3.74, Copper lost 4.45 cents and is trading around $3.7. Palladium retreats 1.96% to trade around $1,222.5.
Furthermore, United States Core PCE Price Index (MoM) (May) will be released tomorrow at 12:30 UTC.
Silver reached a significant high of $26.35 around a month ago but has lost 12.39% since then.
