After closing the previous trading day at $21.78, the CME Silver future is up to $22.25 per troy ounce, which makes for a move of 2.18%/47.4 cents today.
United States Core PCE Price Index (MoM) (Oct) is next today at 13:30 UTC.
This move comes while some more positive signs for CME Silver are out as United States Pending Home Sales beat analyst expectations of -5% and the previous reading of -8.7% with new data of -4.6%.
Nevertheless, highly important Crude Oil Inventories data from United States beat analyst expectations of -2.76 million with a reading of -12.58 million.
At the same time, United States JOLTs Job Openings (Oct) came out at 10.33 million, while a consensus of analysts was expecting 10.3 million.
The MACD index is indicating that momentum is shifting from bearish to bullish following a positive crossover. When the MACD rises above the signal line, it is typically considered to be a bullish development favoring long positions. Silver has crossed the upper Bollinger Band® at $22.18, a potential sign that further gains are to follow.
Overall, looking at the technical analysis landscape, it seems the CME Silver future might continue pointing upwards in the short term.
A look at other Metals also shows upside as Gold is up 1.73%. Having closed the previous session at $1,866, Palladium is up 1.77% today to currently trade at around $1,899. Platinum is up 0.84%.
Today's gains are adding to bullish investor sentiment as robust macro data is expected for release later today; United States Initial Jobless Claims is projected to outperform its last figure with 235,000. It previously stood at 240,000; data will be released today at 13:30 UTC.
Also worthy of note, United States Non Farm Payrolls projected to come out at 200,000 — worse than previous data of 261,000; data will be released tomorrow at 13:30 UTC.
Furthermore, the market is looking at United States Core PCE Price Index (MoM) (Oct) is scheduled for today at 13:30 UTC.
Having set a significant low of $17.67 2 months ago, CME Silver is trading 23.27% higher.