Late into the session, CME Silver loses 53 cents (2.47%), currently trading at $20.9 per troy ounce.
Amid the market gloom, United States CFTC Crude Oil speculative net positions released today at 19:30 UTC with a figure of 252,500, while the previous figure was 278,300. United States CFTC Gold speculative net positions released today at 19:30 UTC with a figure of 116,100, while the previous figure was 126,300. United States CFTC Nasdaq 100 speculative net positions came out at 3,000.
As the trading day comes to an end, chart analysis indicates Silver broke through the $21.25 support line and dropped 35 cents below it. Trend-following investors would be interested to note that Silver made an initial break below its 200 day Simple Moving Average at $20.94, a possible indication of a forthcoming negative trend. CME Silver formed a session range of $20.84 to $21.64 leaving buyers and sellers highly concentrated around an active Fibonacci support level of $21.1. According to asset volatility analysis, Bollinger Bands® shows an indication of recovery: the lower band is at $20.58, a low enough level to, generally, suggest that Silver is trading below its fair value.
With market volatility ebbing, the current technical outlook indicates the CME Silver future will remain range-bound for the immediate future.
In the meantime, negative performances are also seen in other Metals as Gold is down to $1,740.3, losing $13.7, after closing at $1,754 in the preceding trading session. Copper is down to $3.59, losing 3.35 cents, after closing at $3.63 in the preceding trading session.
Positive performances can be seen by looking at other Metals markets as Platinum is up 1.09%.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as tomorrow at 15:00 UTC data for United States Consumer Confidence will be released, with an expected decline to 100 from the preceding figure of 102.5.
Silver hit a significant low of $17.67 around 2 months ago, but has since recovered 21.28%.