The CME Silver future is down to $21.7 per troy ounce, after ending yesterday at $21.88. Overall, a 0.83% loss or 18.2 cents today.
CME Silver is currently trading at $21.7 following the release of Building Permits (Feb) data from the United States.
Trend analysis indicates that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Analysis based on the asset volatility indicates that Silver's upper Bollinger Band® is at $22.16 which indicates a further downward move may follow.
Notwithstanding Silver's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
In the meantime, negative performances are also seen in other Metals as Palladium is down to $1,427, losing $17.8, after closing at $1,444.8 in the preceding trading session.
Positive performances can be seen by looking at other Metals markets as Copper rises 0.62% to trade around $3.87. Platinum is up 0.52%.
The current year has not been the best for Silver as it lost 10.08% from its highest point of $26.05.