The CME Silver future is sharply lower after losing 82.1 cents, declining as low as $23.32 per troy ounce.
Retail Sales data from United States will be released today at 13:30 UTC with analysts expecting a decline to -0.1%. Potentially significant price fluctuations in the CME Silver future are expected to follow.
On the flip side, highly important Crude Oil Inventories data from United States beat analyst expectations of -3.60 million with a reading of 10.23 million.
Amid the market gloom, United States Interest Rate came out at 4.5, while a consensus of analysts was expecting 4.5. United States Interest Rate Projection – 1st Yr (Q4) released yesterday at 19:00 UTC with a figure of 5.1, while the previous figure was 4.6.
Silver made an initial break below its 10 day Simple Moving Average at $23.32, 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 42 cents away from $23.74. Dipping below could be an indication that further losses are ahead.
Overall, the technical analysis landscape suggests that on the balance of probability, CME Silver is expected to maintain its bearish bias.
In the meantime, negative performances are also seen in other Metals as Gold is trading around $1,787.8 (down $30.9). Platinum is down to $1,019.7, losing $19, after closing at $1,038.7 in the preceding trading session. Copper closed at $3.82 (down 1.44%).
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as United States Retail Sales expected to decline to -0.1% while its preceding data was 1.3%, data will be available today at 13:30 UTC. Today at 13:30 UTC data for United States Core Retail Sales will be released, with an expected decline to 0.2% from the preceding figure of 1.3%.
Furthermore, United States Philadelphia Fed Manufacturing Index (Dec) is expected today at 13:30 UTC.
Having set a significant high of $26.89 3 months ago, Silver is trading 36.59% lower.