CME Silver slides down from $21.52 to $20.88 per troy ounce today, losing 64.4 cents (3%).
The CME Silver future is currently trading at $20.88 following the release of Building Permits (Oct) data from the United States.
Nonetheless, encouraging indicators for CME Silver published earlier when highly important Initial Jobless Claims data from United States beat analyst expectations of 225,000 with a reading of 222,000.
Meanwhile, United States Philadelphia Fed Manufacturing Index (Nov) came out at -19.4, while a consensus of analysts was expecting -6.2. United States Building Permits (Oct) released today at 13:30 UTC with a figure of 1.53 million, while the previous figure was 1.56 million.
Silver made an initial break below its 200 day Simple Moving Average at $21.17, a possible indication of a forthcoming negative trend. The CME Silver future is currently flirting with an active Fibonacci support level around $21.1. Despite this, although the CME Silver future is pointing down today (was as low as $20.79), it's climbing away from the $21.27 support line and is now 39 cents above it.
Looking forward, Silver is poised to extend its strong downtrend and continue declining.
In the meantime, negative performances are also seen in other Metals as Copper is down to $3.67, losing 9.95 cents, after closing at $3.77 in the preceding trading session. Platinum is trading around $991.9 (down $24.3). Palladium is down to $2,000.5, losing $80.8, after closing at $2,081.3 in the preceding trading session.
Furthermore, United States Existing Home Sales (Oct) is expected tomorrow at 15:00 UTC.
The commodity has been trending positively for about a month. Having set a significant high of $26.89 2 months ago, Silver is trading 21.81% lower.