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Risk-off mood drags CME Silver 0.86% lower

23 April 2023

SIUSD

Friday at a glance: Silver slid down from $25.37 to $25.16 per troy ounce, taking a 21.8 cents loss (0.86%)

Silver made an initial break below its 10 day Simple Moving Average at $25.34, a possible indication of a forthcoming negative trend. On the other hand, note that CME Silver could begin to recover as it approaches significant support, now 24 cents away from $24.92. Dipping below could be an indication that further losses are ahead.

In the short term, the CME Silver future is expected to maintain its recent downtrend and continue spiralling lower.

CME Silver's value drop coincided with the fact that after ending Friday's session at $2,019, Gold lost $25 and is trading around $1,994. Copper stumbles 1.02% Friday and closed at $4.03.

Positive performances can be seen by looking at other Metals markets as Platinum surges 3.04% Friday and closed at $1,107.6.

The commodity has been trending positively for about a month. Over the past 10 days, Silver has retreated 2.28% from a noteworthy peak of $25.96.

Market Summary

Latest Commodities News

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After three days of declines, Soybeans is up $7.75 today

Mixed sentiment sees the Sugar future ending the day broadly flat; establishes tight $26 to $26.24 range

The CME Silver future increases to $24.26 after a 9 day downtrend

Energy traders focused on NYMEX Heating Oil as it powers 1.95% higher

A slow down? After nine days of going up, Rough Rice is flat today, hovering around $18.27.

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