The CME Silver future has been losing ground for 4 days, shedding a total of 3.9% of its value. More of the same today: after closing at $23.33 Friday, CME Silver opened today at $23.41, to be greeted by bearish sentiment that overshadowing today's price action. Irrespective of the bearish mood, CME Silver retains a distinct $23.03 to $23.62 daily range.
Silver fell below the $23.31 support zone and moved 12 cents beyond it; the next level of support with significant buyer interest is estimated at $23.28. The CME Silver future made an initial break below its 10 day Simple Moving Average at $23.4, a possible indication of a forthcoming negative trend.
In the short term, the CME Silver future is expected to maintain its recent downtrend and continue spiralling lower.
In the meantime, negative performances are also seen in other Metals as Palladium is trading around $1,668 (down $38.6). After ending Friday's session at $1,000, Platinum lost $6.9 and is trading around $993.1.
Furthermore, United States Building Permits (Nov) will be released tomorrow at 13:30 UTC.
CME Silver hit a significant low of $17.67 around 3 months ago, but has since recovered 32.02%.