The CME Silver future weakened earlier in the day, before moving away from its $21.73 low and recovering back to $21.75 per troy ounce.
United States FOMC Meeting Minutes is next today at 19:00 UTC.
Meanwhile, United States Existing Home Sales (Jan) released yesterday at 15:00 UTC with a figure of 4 million, while the previous figure was 4 million. Fresh 2-Year Note Auction data from United States came out at 4.673. United States Existing Home Sales released earlier showed a marked improvement to -0.7% from the preceding data of -2.2%, but fell short of the 2% figure forecast by a consensus of market analysts.
Silver made an initial break below its 10 day Simple Moving Average at $21.79, a possible indication of a forthcoming negative trend. In contrast, CME Silver could begin to recover as it approaches significant support, now 5 cents away from $21.8. Dipping below could be an indication that further losses are ahead.
Following today's unexpected losses, extensive multifactorial technical analysis forecasts the CME Silver future to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the Silver is expected to attract significant bearish sentiment in the coming days.
Taking a look at other Metals commodities, negative performances are evident as Copper draws back 0.95% to trade around $4.19.
Though CME Silver has been dropping, other Metals have been performing better: having closed the previous session at $1,833, Gold is up 0.59% today to currently trade at around $1,844. Platinum is up 1.14%.
Looking ahead, ongoing depreciation may be prolonged as tomorrow at 16:00 UTC data for United States Crude Oil Inventories will be released, with an expected decline to 1.17 million from the preceding figure of 16.28 million. As things stand, upcoming United States Initial Jobless Claims data is projected to fall short of market expectations with newly published data of 200,000, following on from the preceding figure of 194,000. New data is set to be published tomorrow at 13:30 UTC.
Furthermore, United States GDP figure is projected at 2.9. It previously stood at 2.9; data will be released tomorrow at 13:30 UTC.
The commodity has been trending lower for about a month. So far this year, the CME Silver future has declined 10.17% while touching highs around $26.89 earlier this year.