A quick look at yesterday: after dipping down to $18.2, CME Silver regained earlier losses and ended up at $19.4 per troy ounce.
At the same time, United States CFTC Gold speculative net positions released yesterday at 19:30 UTC with a figure of 77,000, while the previous figure was 94,400. United States CFTC Nasdaq 100 speculative net positions came out at 1,500. United States CFTC Crude Oil speculative net positions released yesterday at 19:30 UTC with a figure of 251,500, while the previous figure was 259,200.
Silver made an initial breakout above its 50 day Simple Moving Average at $18.95, a potential indicator of a newly emerging bullish phase. Price action overcame a known Fibonacci resistance level at $19.23 by around 17.2304 cents with prices hammering out a $18.2 – $19.41 session range. In contrast, Silver could be slowing down soon as it approaches resistance at $19.58. Of course, crossing it might suggest further gains are ahead.
Overall, looking at the technical analysis landscape, it seems the CME Silver future might continue pointing upwards in the short term.
7 months ago CME Silver reached a significant high of $26.89 but has consequently lost 30.49% since then.