Slightly weaker but mostly flat: Silver is currently trading at $24.07 per troy ounce as it maintains an active range between $24.06 and $24.52.
United States Consumer Confidence data will be released today at 15:00 UTC, with an expected improvement to 101. Silver reaction to indicator information will follow.
Meanwhile, United States Building Permits (Nov) released yesterday at 13:30 UTC with a figure of 1.34 million, while the previous figure was 1.51 million. United States API Weekly Crude Oil Stock came out at -3 million, while a consensus of analysts was expecting -167,000. United States Housing Starts (Nov) came out at 1.43 million, while a consensus of analysts was expecting 1.4 million.
Investors are seeking long positions as Silver price action surged above +100 — a key CCI threshold indicating an imminent bullish trend.
Overall, looking at the technical analysis landscape, it seems Silver might start pointing upward in the short term.
In the meantime, negative performances are also seen in other Metals as Palladium closed at $1,690 (down 2.51%). Platinum is down to $998.8, losing $14.2, after closing at $1,013 in the preceding trading session.
Looking ahead, ongoing depreciation may be prolonged as as things stand, upcoming United States Crude Oil Inventories data is projected to fall short of market expectations with newly published data of -1.66 million, following on from the preceding figure of 10.23 million. New data is set to be published today at 15:30 UTC. Projections for United States Initial Jobless Claims are set for a continuation of decline with 222,000 while previous data was 211,000; data will be released tomorrow at 13:30 UTC.
Furthermore, United States Existing Home Sales (Nov) will be released today at 15:00 UTC.
The CME Silver future has recovered 37.36% since descending to a significant low of $17.67 around 3 months ago.