| 
May 16, 2023
The CME Silver future is down to $23.96 per troy ounce, after ending yesterday at $24.29. Overall, a 1.34% loss or 32.6 cents today.
United States Core Retail Sales data will be released today at 12:30 UTC, with an expected improvement to 0.4%. the CME Silver future reaction to indicator information will follow.
Amid the market gloom, United States TIC Net Long-Term Transactions (Mar) released yesterday at 20:00 UTC with a figure of 133.3 billion, while the previous figure was 56.6 billion. United States NY Empire State Manufacturing Index (May) came out at -31.8, while a consensus of analysts was expecting -3.7.
Technical analysis trend indicators suggest 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. Asset volatility analysis shows that Silver's lower Bollinger Band® is at $23.81, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
With market volatility ebbing, the current technical outlook indicates CME Silver will remain range-bound for the immediate future.
In the meantime, negative performances are also seen in other Metals as Copper is down 4.65 cents from the beginning of the session and now trades around $3.7. Gold closed at $2,011.8 (down 0.54%). Platinum is down to $1,066, losing $8.7, after closing at $1,074.7 in the preceding trading session.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as United States Crude Oil Inventories expected to decline to -1.3 million while its preceding data was 2.95 million, data will be available tomorrow at 14:30 UTC.
Some optimism can drawn from the fact that United States Retail Sales is projected to outperform its last figure with 0.8%. It previously stood at -0.6%; data will be released today at 12:30 UTC. United States Core Retail Sales is projected to outperform its last figure with 0.4%. It previously stood at -0.4%; data will be released today at 12:30 UTC.
CME Silver is now trading 7.81% below the significant high of $26.35 it set around 12 days ago.
