CME Silver is grinding lower from $25.31 to $24.75 per troy ounce, shedding 55.6 cents (2.2%) today.
United States's Consumer Confidence new data released of 101.3 below its previous figure.
Following a previous reading of 104, Consumer Confidence in United States released today at 14:00 UTC fell short of the 104 figure expected by analysts with an actual reading of 101.3.
Meanwhile, United States New Home Sales (Mar) came out at 683,000, while a consensus of analysts was expecting 630,000. United States Building Permits released today at 12:10 UTC with a figure of 1.43 million, while the previous figure was 1.55 million.
Analysis of CME Silver's recent price action suggests after reaching the $24.94 support zone, Silver bounced and climbed 18 cents above it. With regards to technical trend indicators, chart analysis show that the CME Silver future made an initial break below its 21 day Simple Moving Average at $25.04, a possible indication of a forthcoming negative trend. Asset volatility analysis shows that the CME Silver future's lower Bollinger Band® is at $24.3, 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 Silver will remain range-bound for the immediate future.
Taking a look at other Metals commodities, negative performances are evident as after ending yesterday's session at $3.95, Copper lost 10.55 cents and is trading around $3.85. Palladium closed at $1,476.5 (down 3.77%).
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as United States Core Durable Goods Orders expected to decline to -0.2% while its preceding data was -0.1%, data will be available tomorrow at 12:30 UTC.
Moreover, United States Crude Oil Inventories is projected to outperform its last figure with -1.67 million, having previously been at -4.58 million. The figure will be published tomorrow at 14:30 UTC.
The commodity has been trending positively for about a month. The CME Silver future is now trading 2.52% below the significant high of $25.96 it set around 12 days ago.