The CME Silver future recovering almost all the way back to $24 today, after dipping down to $23.55.
United States Pending Home Sales data will be released today at 15:00 UTC, with an expected improvement to -0.9%. CME Silver reaction to indicator information will follow.
Nonetheless, encouraging indicators for Silver published earlier when United States Core Durable Goods Orders released yesterday at 13:30 UTC is better than expected at -0.1% but down from preceding data of 0.1% according to new data.
While price action maintains a negative bias, United States Core PCE Price Index (MoM) (Dec) released today at 13:30 UTC with a figure of 0.3, while the previous figure was 0.2. United States New Home Sales (Dec) came out at 616,000, while a consensus of analysts was expecting 617,000.
A study of CME Silver's historical price actions shows Silver could begin to recover as it approaches significant support, now 6 cents away from $23.67. Dipping below could be an indication that further losses are ahead. Trend-focused traders would be interested to note that the CME Silver future made an initial break below its 21 day Simple Moving Average at $23.96, a possible indication of a forthcoming negative trend. According to asset volatility analysis, Bollinger Bands® shows an indication of recovery: the lower band is at $23.33, a low enough level to, generally, suggest that CME Silver is trading below its fair value.
All in all, the technical analysis suggests Silver has no clear-cut direction.
In the meantime, negative performances are also seen in other Metals as Palladium slips 2.21% to trade around $1,627. Platinum decreases 0.94% to trade around $1,013.4. Copper is trading around $4.25 (down 1.95 cents).
In addition, United States Pending Home Sales is projected to outperform its last figure with -0.9%. It previously stood at -4%; data will be released today at 15:00 UTC.
The commodity has been trending positively for about a month. CME Silver now trading 23.27% above its 3-month low of $17.67.