After closing the previous trading day at $22.42, CME Silver is up to $22.52 per troy ounce, which makes for a move of 0.48%/10.8 cents today.
Meanwhile, United States ISM Non-Manufacturing PMI (Nov) came out at 56.5, while a consensus of analysts was expecting 53.3. United States Factory Orders came out at 1%, better than analyst estimates of 0.7% and improving upon the previous reading of 0.3%. United States ISM Non-Manufacturing Employment (Nov) released yesterday at 15:00 UTC with a figure of 51.5, while the previous figure was 49.1.
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 continue pointing upwards in the short term.
This rally in Silver's price coincides with other Metals as having closed the previous session at $1,839.6, Palladium is up 2.41% today to currently trade at around $1,884.
At the same time, Platinum descends 0.77% to trade around $999.7.
Moreover, macro data could boost sentiment further as United States Crude Oil Inventories is projected to outperform its last figure with -3.88 million. It previously stood at -12.58 million; data will be released tomorrow at 15:30 UTC.
Furthermore, the market is looking at United States EIA Short-Term Energy Outlook scheduled to come out today at 17:00 UTC.
The past 3 months have been positive for CME Silver as it added 31.59% compared to its 3-month low of $17.67.