Tentatively higher from an earlier low of $20.02, Silver is up to $20.18 per troy ounce today, adding 17.5 cents, or 0.85%, to yesterday's closing price of $20.
United States's Initial Jobless Claims new data released of 211,000 below its previous figure.
On the flip side, Initial Jobless Claims in United States fell short of market expectations (195,000) with a reading of 211,000, continuing the decline from the previous figure of 190,000. Highly important Crude Oil Inventories data from United States beat analyst expectations of 395,000 with a reading of -1.69 million.
At the same time, United States JOLTs Job Openings (Jan) came out at 10.82 million, while a consensus of analysts was expecting 10.5 million.
Visual analysis of Silver's chart shows that Silver could be slowing down soon as it approaches resistance at $20.15. Of course, crossing it might suggest further gains are ahead. Trend and momentum analysis indicates that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Momentum evaluation shows that the Relative Strength Index indicates Silver is in an oversold condition, which could precipitate a reversal and set up a new bullish phase. According to asset volatility analysis, the CME Silver future's lower Bollinger Band® is at $20, indicating that the market is oversold and fertile for new buyers.
With market volatility ebbing, the current technical outlook indicates CME Silver will remain range-bound for the immediate future.
This rally in the CME Silver future's price coincides with other Metals as Gold is up 0.62%. Platinum is up 0.71% to $952.6.
Furthermore, the market is looking at tomorrow at 13:30 UTC data for United States Non Farm Payrolls will be released, with an expected decline to 205,000 from the preceding figure of 517,000.
Also worthy of note, United States Unemployment Rate figure is projected at 3.4. It previously stood at 3.4; data will be released tomorrow at 13:30 UTC.
The commodity has been trending lower for about a month. This year has been a gloomy one for the CME Silver future after trading as high as $26.89 and going on to lose 17.77% of its value.