Keeping up its 5 days of climbing (+83 cents), Today's session so far looks to be heading in the same direction — after closing at $19.19 yesterday, the CME Silver future began today at $19.2 with significant bullish sentiment driving the CME Silver future's price action higher. So far today, price action has drawn out a distinct $18.74 to $19.41 range.
United States's Consumer Confidence new data released of 102.5 below its previous figure.
Nevertheless, following a previous reading of 107.8, Consumer Confidence in United States released today at 14:00 UTC fell short of the 106.5 figure expected by analysts with an actual reading of 102.5.
At the same time, United States API Weekly Crude Oil Stock came out at 4.52 million, while a consensus of analysts was expecting 200,000. United States 2-Year Note Auction released today at 17:00 UTC with a figure of 4.46, while the previous figure was 4.29.
Trend and momentum analysis indicates that despite posting gains so far today, Silver slid below its 50 day Simple Moving Average at $18.97 in earlier trade — an early indicator that a negative trend could be emerging. Price action remains constrained around the key Fibonacci level of $19.23 currently serving as resistance As the trading day comes to an end, chart analysis indicates Silver could be slowing down soon; it is getting close to the resistance line and is now at $19.58, only 27 cents away. Crossing the resistance line could, however, suggest that further gains are ahead.
Notwithstanding CME Silver's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
This rally in the CME Silver future's price coincides with other Metals as having closed the previous session at $1,654, Gold is up 0.2% today to currently trade at around $1,657.4.
Meanwhile, Copper withdraws 0.82% to trade around $3.4.
Moreover, macro data could boost sentiment further as United States Crude Oil Inventories is projected to outperform its last figure with 200,000. It previously stood at -1.73 million; data will be released tomorrow at 14:30 UTC.
Furthermore, the market is looking at United States New Home Sales (Sep) will be released tomorrow at 14:00 UTC.
CME Silver is now trading 28.63% below the significant high of $26.89 it set around 7 months ago.